Fitch Ratings assigns ratings of ‘AA-/F1+’ to the Deutsche Bank SPEARs, series DB-413 and a rating of ‘AA-‘ to the Deutsche Bank LIFERs series DB-413 and Custodial Receipts, series DB-413B. The long-term ratings are also placed on Rating Watch Negative.
The long-term ratings of SPEARs and LIFERs are based on the rating of the Custodial Receipts deposited in the trust. The long-term rating of the Custodial Receipts is based on higher of the rating of the underlying bond (currently rated ‘A+’ with a Negative Rating Outlook) held by the custodian, Deutsche Bank Trust Company Americas and the long-term rating assigned to Deutsche Bank AG (currently rated ‘AA-‘ on Negative Watch) as provider of credit enhancement in the form of a Swap Agreement, dated as of 26 October 2006, and the Credit Enhancement Confirmation provided with respect to series DB-413.
The short-term rating of the SPEARs is based on the short-term rating assigned Deutsche Bank AG (currently rated ‘F1+’) as liquidity provider.
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