Fitch Rates 5 Deutsche Bank SPEARs/LIFERs Trusts

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings assigns the following ratings to the Short Puttable Exempt Adjustable Receipts (SPEARs) and Long Inverse Floating Exempt Receipts (LIFERs) of the Deutsche Bank SPEARs/LIFERs Trust series listed below:

--Series DB-1040 SPEARs 'AA/F1', Stable Outlook; Series DB-1040 LIFERs 'AA', Stable Outlook;

--Series DB-1042 SPEARs 'AA+/F1', Stable Outlook; Series DB-1042 LIFERs 'AA+', Stable Outlook;

--Series DB-1048 SPEARs 'AA-/F1', Stable Outlook; Series DB-1048 LIFERs 'AA-', Stable Outlook;

--Series DB-1052 SPEARs 'AA+/F1', Stable Outlook; Series DB-1052 LIFERs 'AA+', Stable Outlook;

--Series DB-1076 SPEARs 'AA/F1', Negative Outlook; Series DB-1076 LIFERs 'AA', Negative Outlook.

KEY RATING DRIVERS

The long-term 'AA', Stable Outlook ratings assigned to the series DB-1040 SPEARs and LIFERs are based on the rating that Fitch has assigned to the County of Franklin, Ohio Hospital Facilities Revenue Bonds, Series 2011A (OhioHealth Corporation) (rated 'AA', Stable Outlook) that have been deposited in the trust.

The long-term 'AA+', Stable Outlook ratings assigned to the series DB-1042 SPEARs and LIFERs are based on the rating that Fitch has assigned to the Massachusetts Water Resources Authority General Revenue Refunding Bonds, 2011 Series C (rated 'AA+', Stable Outlook) that have been deposited in the trust.

The long-term 'AA-', Stable Outlook ratings assigned to the series DB-1048 SPEARs and LIFERs are based on the rating that Fitch has assigned to the Southern California Public Power Authority Milford Wind Corridor Phase II Project, revenue bonds, 2011-1 (rated 'AA-', Stable Outlook) that have been deposited in the trust.

The long-term 'AA+', Stable Outlook ratings assigned to the series DB-1052 SPEARs and LIFERs are based on the rating that Fitch has assigned to the Massachusetts School Building Authority senior dedicated sales tax bonds, 2011 series B (rated 'AA+', Stable Outlook) that have been deposited in the trust.

The long-term 'AA', Negative Outlook ratings assigned to the series DB-1076 SPEARs and LIFERs are based on the rating that Fitch has assigned to the Forest Preserve District of Cook County, Illinois general obligation limited tax project and refunding bonds, series 2012B (rated 'AA', Negative Outlook) that have been deposited in the trust.

The 'F1' short-term ratings assigned to the SPEARs are based on the liquidity facilities provided by Deutsche Bank AG New York Branch (rated 'A/F1, Negative Outlook) securing the SPEARs. The short-term ratings will expire on June 15, 2016, the expiration date of the liquidity facilities, unless each date is extended or earlier terminated.

RATING SENSITIVITIES

The short-term rating assigned to the SPEARs reflects the short-term rating that Fitch maintains on the bank providing liquidity support and will be adjusted upward or downward in conjunction with the short-term rating of the bank, and, in some cases, the long-term rating of the underlying bond deposited in the trust. The long-term ratings assigned to the SPEARs and LIFERs are exclusively tied to the creditworthiness of the underlying bonds deposited in the trust and will reflect all changes to the underlying bond ratings.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria

Guidelines for Rating Tender Option Bonds (pub. 10 Apr 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864040

U.S. Municipal Structured Finance Criteria (pub. 23 Feb 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=862222

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=986971

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=986971

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

View source version on businesswire.com: http://www.businesswire.com/news/home/20150625006138/en/

Fitch Ratings
Primary Analyst
Richard Park
Director
+1-212-908-0289
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
Joseph Staffa
Senior Director
+1-212-908-0829
or
Committee Chairperson
Mario Civico
Senior Director
+1-212-908-0796
or
Media Relations:
Sandro Scenga, +1 212-908-0278
[email protected]

Source: Fitch Ratings

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