Summary: Deutsche Bank Securities Inc. Receipts Series DB-1048; Residual Certificates; Tender Option Certificates/Bonds Jan 12

Standard & Poors, January 2012

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-1048, respectively, relating to Southern California Public Power Authority's M(ilford Wind Corridor Phase II Project) revenue bonds series 2011-1. 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 Dec. 15, 2012. 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: Southern California Pub Pwr Auth,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, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Southern California Pub Pwr Auth,Deutsche Bank Securities Inc Rcpts (Series 1000)

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