Fitch Ratings defines rating of ‘AAA’ to the Deutsche Bank custodial receipts, series DBE-611, relating to Houston Community College System (Harris and Fort Bend Counties, Texas) maintenance tax notes, series 2008 and places the receipts on Rating Watch Negative.
The rating is based on the higher of the bond insurance provided by Financial Security Assurance Inc. (currently rated ‘AAA’; Rating Watch Negative by Fitch), securing the bonds held by the custodian, Deutsche Bank Trust Company Americas and the rating assigned to Deutsche Bank AG (currently rated ‘AA-‘; Rating Watch Negative by Fitch) as provider of credit enhancement in the form of a Swap Agreement and Confirmation for series DBE-611.
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