Fitch Rates 10 Deutsche Bank SPEARs/LIFERs Trusts

NEW YORK--()--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-1022X SPEARs 'AA/F1'; Stable Outlook;

--Series DB-1022X LIFERs 'AA'; Stable Outlook;

--Series DB-1024X SPEARs 'AA-/F1'; Stable Outlook;

--Series DB-1024X LIFERs 'AA-'; Stable Outlook;

--Series DB-1028X SPEARs 'AA+/F1'; Stable Outlook;

--Series DB-1028X LIFERs 'AA+'; Stable Outlook;

--Series DB-1031X SPEARs 'AA-/F1'; Stable Outlook;

--Series DB-1031X LIFERs 'AA-'; Stable Outlook;

--Series DB-1058X SPEARs 'AA+/F1'; Stable Outlook;

--Series DB-1058X LIFERs 'AA+'; Stable Outlook;

--Series DB-1075X SPEARs 'AA/F1'; Stable Outlook;

--Series DB-1075X LIFERs 'AA'; Stable Outlook;

--Series DB-1090X SPEARs 'AA+/F1'; Stable Outlook;

--Series DB-1090X LIFERs 'AA+'; Stable Outlook;

--Series DB-1094X SPEARs 'AA-/F1'; Stable Outlook;

--Series DB-1094X LIFERs 'AA-'; Stable Outlook;

--Series DB-1112X SPEARs 'AA+/F1'; Stable Outlook;

--Series DB-1112X LIFERs 'AA+'; Stable Outlook;

--Series DB-1125 SPEARs 'AA/F1'; Stable Outlook;

--Series DB-1125 LIFERs 'AA'; Stable Outlook.

KEY RATING DRIVERS

The Long-term 'AA'; Stable Outlook ratings assigned to the series DB-1022X SPEARs and LIFERs are based on the rating that Fitch has assigned to the Dormitory Authority of the State of New York Mental Health Services Facilities Improvement Revenue Bonds Series 2008C Bonds (rated 'AA'; Stable Outlook) that have been deposited in the trust.

The Long-term 'AA-'; Stable Outlook ratings assigned to the series DB-1024X SPEARs and LIFERs are based on the rating that Fitch has assigned to The Port of Authority of New York and New Jersey Consolidated Bonds, One Hundred Sixty-Ninth Series (rated 'AA-'; Stable Outlook) that have been deposited in the trust.

The Long-term 'AA+'; Stable Outlook ratings assigned to the series DB-1028X SPEARs and LIFERs are based on the rating that Fitch has assigned to the New York City Municipal Water Finance Authority Water and Sewer System General Resolution Revenue Bonds, Fiscal 2011 Series HH (rated 'AA+'; Stable Outlook) that have been deposited in the trust.

The Long-term 'AA-'; Stable Outlook ratings assigned to the series DB-1031X SPEARs and LIFERs are based on the rating that Fitch has assigned to The Port of Authority of New York and New Jersey Consolidated Bonds, One Hundred Sixty-Third Series (rated 'AA-'; Stable Outlook) that have been deposited in the trust.

The Long-term 'AA+'; Stable Outlook ratings assigned to the series DB-1058X SPEARs and LIFERs are based on the rating that Fitch has assigned to the New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2011 Series HH (rated 'AA+'; Stable Outlook) that have been deposited in the trust.

The Long-term 'AA'; Stable Outlook ratings assigned to the series DB-1075X SPEARs and LIFERs are based on the rating that Fitch has assigned to the New York City Transitional Finance Authority Building Aid Revenue Bonds, Fiscal 2009 Series S-3 (rated 'AA'; Stable Outlook) that have been deposited in the trust.

The Long-term 'AA+'; Stable Outlook ratings assigned to the series DB-1090X SPEARs and LIFERs are based on the rating that Fitch has assigned to New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2012 Series FF (rated 'AA+'; Stable Outlook) that have been deposited in the trust.

The Long-term 'AA-'; Stable Outlook ratings assigned to the series DB-1094X SPEARs and LIFERs are based on the rating that Fitch has assigned to the Wisconsin Health and Educational Facilities Authority Revenue Bonds, Series 2009C (Froedtert & Community Health, Inc. Obligated Group) (rated 'AA-'; Stable Outlook) that have been deposited in the trust.

The Long-term 'AA+'; Stable Outlook ratings assigned to the series DB-1112X SPEARs and LIFERs are based on the rating that Fitch has assigned to New York State Thruway Authority State Personal Income Tax Revenue Bonds (Transportation) Series 2012A (rated 'AA+'; Stable Outlook) that have been deposited in the trust.

The Long-term 'AA'; Stable Outlook ratings assigned to the series DB-1125 SPEARs and LIFERs are based on the rating that Fitch has assigned to the Kansas Development Finance Authority Hospital Revenue Refunding Bonds Series 2012A (Adventist Health System/Sunbelt Obligated Group) (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 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=988393

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=988393

Endorsement Policy

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

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Contacts

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
Mario Civico
Senior Director
+1-212-908-0796
or
Media Relations:
Alyssa Castelli, New York, +1 212-908-0540
Email: alyssa.castelli@fitchratings.com

Contacts

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
Mario Civico
Senior Director
+1-212-908-0796
or
Media Relations:
Alyssa Castelli, New York, +1 212-908-0540
Email: alyssa.castelli@fitchratings.com