OREANDA-NEWS. 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-1189 SPEARs 'AA/F1'; Stable Outlook;
--Series DB-1189 LIFERs 'AA'; Stable Outlook;
--Series DB-1190 SPEARs 'AA-/F1'; Stable Outlook;
--Series DB-1190 LIFERs 'AA-'; Stable Outlook;
--Series DBE-1095 SPEARs 'AA-/F1'; Stable Outlook;
--Series DBE-1095 LIFERs 'AA-'; Stable Outlook;
--Series DBE-1095 Custodial Receipts 'AA-'; Stable Outlook;
--Series DBE-1179 SPEARs 'AA-/F1'; Stable Outlook;
--Series DBE-1179 LIFERs 'AA-'; Stable Outlook;
--Series DBE-1179 Custodial Receipts 'AA-'; Stable Outlook;
--Series DBE-1186 SPEARs 'AA/F1'; Stable Outlook;
--Series DBE-1186 LIFERs 'AA'; Stable Outlook;
--Series DBE-1186 Custodial Receipts 'AA-'; Stable Outlook.

KEY RATING DRIVERS

The long-term 'AA'; Stable Outlook ratings assigned to the series DB-1189 SPEARs and LIFERs are based on the rating that Fitch has assigned to the The Regents of the University of California General Revenue Bonds 2013 Series AF (rated 'AA'; Stable Outlook) that have been deposited in the trust.

The long-term 'AA-'; Stable Outlook ratings assigned to the series DB-1190 SPEARs and LIFERs are based on the rating that Fitch has assigned to New York Liberty Development Corporation Liberty Revenue Bonds, Series 1WTC-2011 (Secured by Port Authority Consolidated Bonds) (rated 'AA-'; Stable Outlook) that have been deposited in the trust.

The long-term 'AA-'; Stable Outlook ratings assigned to the series DBE-1095 SPEARs, LIFERs and Custodial Receipts are based on the higher of the ratings that Fitch has assigned to the underlying Washington Health Care Facilities Authority Revenue Bonds Series 2009A (MultiCare Health System) (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 DBE-1179 SPEARs, LIFERs and Custodial Receipts are based on the higher of the ratings that Fitch has assigned to the underlying Pennsylvania Turnpike Commission Motor License Fund-Enhanced Turnpike Subordinate Special Revenue Bonds, Series B of 2012 (rated 'AA-'; Stable Outlook) held by the custodian and the custodial level credit enhancement provided by Deutsche Bank AG, securing the Custodial Receipts deposited in the trust.

The long-term 'AA-'' Stable Outlook ratings assigned to the series DBE-1186 SPEARs, LIFERs and Custodial Receipts are based on the higher of the ratings that Fitch has assigned to the underlying Sacramento Municipal Utility District Sacramento, California Electric Revenue Bonds 2013 Series A (rated 'AA-'; Stable Outlook) held by the custodian and the custodial level credit enhancement provided by Deutsche Bank AG, securing the Custodial Receipts 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 securing the SPEARs, which have a stated expiration date of June 15, 2016, unless such 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-1189 and DB-1190 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-1095, DBE-1179 and DBE-1186 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-1095, DBE-1179 and DBE-1186 SPEARs, LIFERs and Custodial Receipts.