NEW YORK--(BUSINESS WIRE)--Fitch Ratings assigns the following ratings to the Short Puttable Exempt Adjustable Receipts (SPEARs), Long Inverse Floating Exempt Receipts (LIFERs) and Custodial Receipts of the Deutsche Bank SPEARs/LIFERs Trust series listed below:
--Series DBE-672: SPEARs -- 'AA-/F1+', Stable Outlook; Series DBE-672 LIFERs - 'AA-', Stable Outlook; Series DBE-672 Custodial Receipts - 'AA-', Stable Outlook;
--Series DB-679: SPEARs -- 'AA-/F1+', Stable Outlook; Series DB-679A-D LIFERs - 'AA-', Stable Outlook;
--Series DB-681: SPEARs -- 'AA/F1+', Stable Outlook; Series DB-681 LIFERs - 'AA', Stable Outlook.
KEY RATING DRIVERS
The long-term 'AA-', Stable Outlook ratings assigned to the series DBE-672 SPEARs, LIFERs and Custodial Receipts are based on the higher of the ratings that Fitch has assigned to the underlying Metropolitan Washington Airports Authority Airport System Revenue Bonds Series 2007B (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 DB-679 SPEARs and LIFERs are based on the rating that Fitch has assigned to the Metropolitan Washington Airports Authority Airport System Revenue Bonds 2008 Series A (rated 'AA-', Stable Outlook) that have been deposited in the Trust.
The long-term 'AA', Stable Outlook ratings assigned to the series DB-681 SPEARs and LIFERs are based on the rating that Fitch has assigned to the Department of Airports of the City of Los Angeles, California Los Angeles International Airport Senior Revenue Bonds 2008 Series A (rated 'AA', Stable 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 May 31, 2015, 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 series DB-679 and DB-681 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-672 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-672 SPEARs, LIFERs and Custodial Receipts.
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 Bonds
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=707849
Additional Disclosure
Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=957455
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