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Summary: Deutsche Bank Securities Inc. Receipts Series DB-1051; Residual Certificates; Tender Option Certificates/Bonds Jan 12

  • ID: 2046654
  • January 2012
  • Standard & Poors
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Abstract
Standard & Poor's Ratings Services assigned its 'AA-/A-1' and 'AA-' ratings to Deutsche Bank Securities Inc. Receipts' short puttable exempt adjustable receipts (SPEARs) and long inverse floating exempt receipts (LIFERs) series DB-1051, respectively, relating to Birmingham Waterworks Board, Ala.'s water revenue bonds series 2011 (5.00% term bonds due Jan. 1, 2036). The long-term component of the rating on the SPEARs and LIFERs is based on the rating on the underlying bonds (AA-). The short-term component of the rating on the SPEARs is based on the liquidity facility provided by Deutsche Bank AG, scheduled to expire on Jan. 15, 2013. SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security as defined in the...

Companies mentioned in this report are:
- Birmingham Wtrwks Brd
- Deutsche Bank Securities Inc Rcpts (Series 1000)

Action: New Rating

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, READ MORE >

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- Birmingham Wtrwks Brd
- Deutsche Bank Securities Inc Rcpts (Series 1000)

Note: Product cover images may vary from those shown
3 of 3
Note: Product cover images may vary from those shown

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