Summary: Deutsche Bank Securities Inc. Receipts Series DBE-647 Ratings Raised To 'AAA/A-1' And 'AAA'; Custodial Receipts; Residual Certificates; Tender Option Certificates/Bonds Jan 12

Standard & Poors, January 2012

Abstract
Standard & Poor's Ratings Services raised its ratings on Deutsche Bank Securities Inc. Receipts' short puttable exempt adjustable receipts (SPEARs) and long inverse floating exempt receipts (LIFERs) series DBE-647, relating to custodial receipts series DBE-647, relating to Denver City & County, Colo.'s Department of Aviation airport system revenue bonds series 2007D 5.250% serial bonds due Nov. 15, 2020 (amt), to 'AAA/A-1' and 'AAA' from 'A+/A-1' and 'A+', respectively. The long-term component of the rating on the SPEARs and LIFERs is based on the rating on the custodial receipts series DBE-647. The short-term component of the rating on the SPEARs is based on a standby bond purchase agreement (SBPA) provided by Deutsche Bank AG (A-1). At the same time, Standard &...

Companies mentioned in this report are: Denver Intl Arpt,Deutsche Bank Securities Inc Rcpts (Series 1000)
Action: Upgraded

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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.

Denver Intl Arpt,Deutsche Bank Securities Inc Rcpts (Series 1000)

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