Summary: Deutsche Bank Securities Inc. Receipts Series DBE-1092; Joint Criteria; Residual Certificates; Tender Option Certificates/Bonds Jul 12
Standard & Poors, July 2012
Abstract
Standard & Poor's Ratings Services assigned its 'AAA/A-1' and 'AAA' ratings to Deutsche Bank Securities Inc. Receipts' short puttable exempt adjustable receipts (SPEARs) and long inverse floating exempt receipts (LIFERs), respectively, series DBE-1092, relating to custodial receipts series DBE-1092, relating to Ohio's hospital revenue (University Hospital Health Systems Inc.) 5.00% term bonds series 2012A. The long-term component of the rating on the SPEARs and LIFERs is based on a custodial receipt whose rating is based jointly (assuming low correlation) on enhancement of the underlying bonds provided by Deutsche Bank AG (A+/A-1) and the rating on the underlying bonds. The short-term component of the rating on the SPEARs is based on a standby purchase agreement (SPA) provided by Deutsche Bank AG...
Companies mentioned in this report are: Ohio,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.
Ohio,Deutsche Bank Securities Inc Rcpts (Series 1000)
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