Fitch Rates 5 Deutsche Bank SPEARs/LIFERs Trusts

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has assigned 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-1189 SPEARs 'AA/F1'; Stable Outlook;

--Series DB-1189 LIFERs 'AA'; Stable Outlook;

--Series DB-1190 SPEARs 'AA-/F1'; Stable Outlook;

--Series DB-1190 LIFERs 'AA-'; Stable Outlook;

--Series DBE-1095 SPEARs 'AA-/F1'; Stable Outlook;

--Series DBE-1095 LIFERs 'AA-'; Stable Outlook;

--Series DBE-1095 Custodial Receipts 'AA-'; Stable Outlook;

--Series DBE-1179 SPEARs 'AA-/F1'; Stable Outlook;

--Series DBE-1179 LIFERs 'AA-'; Stable Outlook;

--Series DBE-1179 Custodial Receipts 'AA-'; Stable Outlook;

--Series DBE-1186 SPEARs 'AA/F1'; Stable Outlook;

--Series DBE-1186 LIFERs 'AA'; Stable Outlook;

--Series DBE-1186 Custodial Receipts 'AA-'; Stable Outlook.

KEY RATING DRIVERS

The long-term 'AA'; Stable Outlook ratings assigned to the series DB-1189 SPEARs and LIFERs are based on the rating that Fitch has assigned to the The Regents of the University of California General Revenue Bonds 2013 Series AF (rated 'AA'; Stable Outlook) that have been deposited in the trust.

The long-term 'AA-'; Stable Outlook ratings assigned to the series DB-1190 SPEARs and LIFERs are based on the rating that Fitch has assigned to New York Liberty Development Corporation Liberty Revenue Bonds, Series 1WTC-2011 (Secured by Port Authority Consolidated Bonds) (rated 'AA-'; Stable Outlook) that have been deposited in the trust.

The long-term 'AA-'; Stable Outlook ratings assigned to the series DBE-1095 SPEARs, LIFERs and Custodial Receipts are based on the higher of the ratings that Fitch has assigned to the underlying Washington Health Care Facilities Authority Revenue Bonds Series 2009A (MultiCare Health System) (rated 'AA-'; Stable Outlook) held by the custodian and the custodial level credit enhancement provided by Deutsche Bank AG (currently rated 'A/F1'; Negative Outlook), securing the Custodial Receipts deposited in the trust.

The long-term 'AA-'; Stable Outlook ratings assigned to the series DBE-1179 SPEARs, LIFERs and Custodial Receipts are based on the higher of the ratings that Fitch has assigned to the underlying Pennsylvania Turnpike Commission Motor License Fund-Enhanced Turnpike Subordinate Special Revenue Bonds, Series B of 2012 (rated 'AA-'; Stable Outlook) held by the custodian and the custodial level credit enhancement provided by Deutsche Bank AG, securing the Custodial Receipts deposited in the trust.

The long-term 'AA-'' Stable Outlook ratings assigned to the series DBE-1186 SPEARs, LIFERs and Custodial Receipts are based on the higher of the ratings that Fitch has assigned to the underlying Sacramento Municipal Utility District Sacramento, California Electric Revenue Bonds 2013 Series A (rated 'AA-'; Stable Outlook) held by the custodian and the custodial level credit enhancement provided by Deutsche Bank AG, securing the Custodial Receipts 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 securing the SPEARs, which have a stated expiration date of June 15, 2016, unless such 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 series DB-1189 and DB-1190 SPEARs and LIFERs are exclusively tied to the creditworthiness of the underlying bond deposited in the trust and will reflect all changes to that rating. The long-term ratings assigned to the series DBE-1095, DBE-1179 and DBE-1186 SPEARs, LIFERs and Custodial Receipts are tied to the long-term rating assigned to the creditworthiness of the underlying bond deposited in the trust and the long-term rating that Fitch maintains on the bank providing credit enhancement. Changes to one or both of these ratings may affect the long-term rating assigned to the DBE-1095, DBE-1179 and DBE-1186 SPEARs, LIFERs and Custodial Receipts.

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=988758

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=988758

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/20150730006184/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
Linda Friedman
Senior Director
+1-212-908-0727
or
Committee Chairperson
Joseph Staffa
Senior Director
+1-212-908-0829
or
Media Relations:
Alyssa Castelli, +1 212-908-0540
[email protected]

Source: Fitch Ratings

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