Fitch Ratings assigns a rating of ‘AA-‘ with a Stable Rating Outlook to the Deutsche Bank Custodial Receipts series DBE-577 relating to Jefferson Sales Tax District Parish of Jefferson, State of Louisiana special sales tax revenue bonds, series 2005 (underlying bond).
The rating is based on the higher of the rating of the underlying bond (currently rated ‘AA-‘; Stable Outlook) held by the custodian, Deutsche Bank Trust Company Americas and the long-term rating assigned to Deutsche Bank AG (currently rated ‘AA-/F1+’; Negative Outlook) as provider of credit enhancement in the form of a Swap Agreement, dated as of Oct. 26, 2006, and the Credit Enhancement Confirmation provided with respect to series DBE-577.
Fitch also assigns a rating of ‘AA-/F1+’ with a Stable Outlook to the Deutsche Bank Short Puttable Exempt Adjustable Receipts (SPEARs) series DBE-577 and a rating of ‘AA-‘ with a Stable Outlook to the Deutsche Bank Long Inverse Floating Exempt Receipts (LIFERs) series DBE-577. The long-term component of the rating assigned to the SPEARs and LIFERs is based on the rating that Fitch has assigned to the custodial receipts deposited in the Trust (rated ‘AA-‘; Stable Outlook). The ‘F1+’ short-term rating assigned to the SPEARs is based on the liquidity facility provided by Deutsche Bank AG New York Branch.
L.D.