Fitch Rates Deutsche Bank SPEARs/LIFERs Trust SPEARs, LIFERs & Custodial Receipts, Series DBE-1036X

NEW YORK--(BUSINESS WIRE)--Fitch Ratings assigns a rating of 'AA-/F1+'; long-term rating on Rating Watch Negative to the $46,875,000 Short Puttable Exempt Adjustable Receipts Series DBE-1036X (SPEARs), and a rating of 'AA-'; Rating Watch Negative to the $46,875,000 Long Inverse Floating Exempt Receipts Series DBE-1036X (LIFERs), and $93,750,000 Custodial Receipts, Series DBE-1036X of the Deutsche Bank SPEARs/LIFERs Trust.

The long-term 'AA-' rating is based on the higher of the ratings that Fitch has assigned to the custodial level credit enhancement provided by Deutsche Bank AG (currently rated 'AA-/F1+'; long-term rating on Rating Watch Negative by Fitch), securing the Custodial Receipts deposited in the Trust, and the rating that Fitch has assigned to the underlying bonds (currently rated 'A'; Outlook Stable). The short-term 'F1+' rating is based on the liquidity facility provided by Deutsche Bank AG New York Branch. The short-term rating assigned to the SPEARs will expire on the earlier of Nov. 15, 2012, unless such date is extended, or any prior termination of the liquidity facility.

Additional information is available at www.fitchratings.com. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:
--'U.S. Municipal Structured Finance Rating Criteria'(April 25, 2011);
--'Guidelines for Rating Tender Option Bond Securities' (May 25 2011).

Applicable Criteria and Related Research:
Guidelines for Rating Tender Option Bond Securities
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=632790
U.S. Municipal Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=624129

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