Fitch Rates Deutsche Bank SPEARs/LIFERs Trust SPEARs and LIFERs Series DB-1285

NEW YORK--()--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-1285:

--SPEARs 'AA/F1+'; Positive Outlook;

--LIFERs 'AA'; Positive Outlook.

KEY RATING DRIVERS

The long-term 'AA'; Positive Outlook ratings assigned to the series DB-1285 SPEARs and LIFERs are based on the rating that Fitch has assigned to the Dormitory Authority of the State of New York State Personal Income Tax Revenue Bonds (General Purpose)

Series 2014A (rated 'AA'; Positive Outlook) that have been deposited in the Trust.

The 'F1+' short-term rating assigned to the SPEARs is based on the liquidity facility provided by Deutsche Bank AG New York Branch (rated 'A+/F1+; Stable Outlook) securing the SPEARs. The short-term rating will expire on December 30, 2014, the expiration date of the liquidity facility, 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 bond deposited in the trust and will reflect all changes to that rating.

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

Applicable Criteria and Related Research:

--'U.S. Municipal Structured Finance Criteria' (Feb. 24, 2014);

--'Guidelines for Rating Tender Option Bonds'(May 9, 2013).

Applicable Criteria and Related Research:

U.S. Municipal Structured Finance Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=736618

Guidelines for Rating Tender Option Bond Securities ¬タモ Effective May 25, 2011 to May 10, 2012

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=632790

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=825292

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.

Contacts

Fitch Ratings
Primary Analyst
Richard Park
Director
+1-212-908-0289
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Linda Friedman
Senior Director
+1-212-908-0727
or
Committee Chairperson
Trudy Zibit
Managing Director
+1-212-908-0689
or
Media Relations:
Elizabeth Fogerty, New York, +1 212-908-0526
Email: elizabeth.fogerty@fitchratings.com

Sharing

Contacts

Fitch Ratings
Primary Analyst
Richard Park
Director
+1-212-908-0289
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Linda Friedman
Senior Director
+1-212-908-0727
or
Committee Chairperson
Trudy Zibit
Managing Director
+1-212-908-0689
or
Media Relations:
Elizabeth Fogerty, New York, +1 212-908-0526
Email: elizabeth.fogerty@fitchratings.com