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Related Issuers
Custodial Receipts (Deutsche Bank)
Custodial Receipts (Deutsche Bank) Custodial Receipts, Ser. 2015-XF1004
Custodial Receipts (Deutsche Bank) Custodial Receipts, Ser. 2015-XF1005
Custodial Receipts (Deutsche Bank) Custodial Receipts, Ser. 2015-XF1026A-D
Custodial Receipts (Deutsche Bank) Custodial Receipts, Series 2015-XF1021
Custodial Receipts (Deutsche Bank), Custodial Receipts, Series 2015-XF1007
Custodial Receipts (Deutsche Bank), Custodial Receipts, Series 2017-XF2492
Custodial Receipts (Deutsche Bank), Custodial Receipts, Series 2017-XM0186
Custodial Receipts (Deutsche Bank), Custodial Receipts, Series 2019-XG0224A through Series 2019-XG0224G
Custodial Receipts (Deutsche Bank), Custodial Receipts, Series 2019-XG0260A through 2019-XG0260I
Custodial Receipts (Deutsche Bank), Custodial Receipts, Series 2019-XM0753
Custodial Receipts (Deutsche Bank), Custodial Receipts, Series 2019-XM0756
Custodial Receipts (Deutsche Bank), Custodial Receipts, Series 2021-XF1126
Custodial Receipts (Deutsche Bank), Custodial Receipts, Series 2021-XL0189
Custodial Receipts (Deutsche Bank), Custodial Receipts, Series 2022-XF1139A&B
Custodial Receipts (Deutsche Bank), Custodial Receipts, Series 2022-XF1149
Custodial Receipts (Deutsche Bank), Custodial Receipts, Series 2022-XF1150
Custodial Receipts (Deutsche Bank), Custodial Receipts, Series 2022-XF1151
Custodial Receipts (Deutsche Bank), Custodial Receipts, Series 2022-XG0396
Custodial Receipts (Deutsche Bank), Custodial Receipts, Series 2022-XG0402
Custodial Receipts (Deutsche Bank), Custodial Receipts, Series 2022-XG0404
Custodial Receipts (Deutsche Bank), Custodial Receipts, Series 2022-XG0406
Custodial Receipts (Deutsche Bank), Custodial Receipts, Series 2022-XL0245
Rating Action:

Moody's upgrades enhanced Custodial Receipts (Deutsche Bank), Custodial Receipts trusts jointly supported by Deutsche Bank AG

25 Oct 2022

New York, October 25, 2022 -- Moody's Investors Service ("Moody's") has upgraded to Aa2 from Aa3 the enhanced ratings of the Custodial Receipts (Deutsche Bank) trusts referenced below. Moody's reviewed the ratings of the Custodial Receipts (the Receipts) following Moody's rating action of the letter of credit (LOC) provider, Deutsche Bank AG, on October 12, 2022. At such time Moody's upgraded Deutsche Bank AG's long-term Counterparty Risk Assessment to A1(cr) from A2(cr). For more information on such rating action please see the press release published on such date.

• Custodial Receipts (Deutsche Bank), Custodial Receipts, Series 2015-XF1004

• Custodial Receipts (Deutsche Bank), Custodial Receipts, Series 2015-XF1005

• Custodial Receipts (Deutsche Bank), Custodial Receipts, Series 2015-XF1007

• Custodial Receipts (Deutsche Bank), Custodial Receipts, Series 2015-XF1021

• Custodial Receipts (Deutsche Bank), Custodial Receipts, Series 2015-XF1026

• Custodial Receipts (Deutsche Bank), Custodial Receipts, Series 2017-XF2492

• Custodial Receipts (Deutsche Bank), Custodial Receipts, Series 2017-XM0186

• Custodial Receipts (Deutsche Bank), Custodial Receipts, Series 2019-XG0224

• Custodial Receipts (Deutsche Bank), Custodial Receipts, Series 2019-XG0260

• Custodial Receipts (Deutsche Bank), Custodial Receipts, Series 2019-XM0753

• Custodial Receipts (Deutsche Bank), Custodial Receipts, Series 2019-XM0756

• Custodial Receipts (Deutsche Bank), Custodial Receipts, Series 2021-XF1126

• Custodial Receipts (Deutsche Bank), Custodial Receipts, Series 2021-XL0189

• Custodial Receipts (Deutsche Bank), Custodial Receipts, Series 2022-XF1139

• Custodial Receipts (Deutsche Bank), Custodial Receipts, Series 2022-XF1149

• Custodial Receipts (Deutsche Bank), Custodial Receipts, Series 2022-XF1150

• Custodial Receipts (Deutsche Bank), Custodial Receipts, Series 2022-XF1151

• Custodial Receipts (Deutsche Bank), Custodial Receipts, Series 2022-XG0396

• Custodial Receipts (Deutsche Bank), Custodial Receipts, Series 2022-XG0402

• Custodial Receipts (Deutsche Bank), Custodial Receipts, Series 2022-XG0404

• Custodial Receipts (Deutsche Bank), Custodial Receipts, Series 2022-XG0406

• Custodial Receipts (Deutsche Bank), Custodial Receipts, Series 2022-XL0245

RATINGS RATIONALE

The Custodial Receipts continue to be based upon joint default analysis (JDA), which reflects Moody's approach to rating jointly supported transactions. The JDA ratings are based on the long-term CR Assessment of the Bank, as provider of the LOC, the underlying rating of the applicable bonds, and the structure and legal protections of the transaction which provide for timely payment of debt service to the Custodial Receipts holders. Moody's underlying ratings on the applicable bonds are referenced below.

• Underlying bond rating A2 for Custodial Receipts, Series 2015-XF1007, Custodial Receipts, Series 2015-XF1021, Custodial Receipts, Series 2015-XF1026, Custodial Receipts, Series 2021-XF1126, Custodial Receipts, Series 2021-XL0189, Custodial Receipts, Series 2022-XF1149, Custodial Receipts, Series 2022-XF1150, Custodial Receipts, Series 2022-XF1151, Custodial Receipts, Series 2022-XG0396, Custodial Receipts, Series 2022-XG0402 and Custodial Receipts, Series 2022-XG0406

• Underlying bond rating A3 for Custodial Receipts, Series 2015-XF1004, Custodial Receipts, Series 2015-XF1005, Custodial Receipts, Series 2019-XG0224, Custodial Receipts, Series 2019-XG0260 and Custodial Receipts, Series 2022-XF1139

• Underlying bond rating Baa1 for Custodial Receipts, Series 2017-XM0186

• Underlying bond rating Baa2 for Custodial Receipts, Series 2022-XG0404 and Custodial Receipts, Series 2022-XL0245

• Underlying bond rating Baa3 for Custodial Receipts, Series 2017-XF2492, Custodial Receipts, Series 2019-XM0753 and Custodial Receipts, Series 2019-XM0756

Since a payment default on the Custodial Receipts would occur only if both the Bank and the obligor of the applicable bonds default on bond principal and interest payment dates, Moody's has assigned the rating based upon the joint probability of default by both parties. In determining the joint probability of default, Moody's considers the level of default dependence between the support provider and the applicable obligor. In this case, Moody's has determined that there is a low level of default dependence between the Bank and the applicable obligor which results in a long-term JDA rating of Aa2 on the Custodial Receipts.

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS

• Moody's upgrades either the long-term CR Assessment of the Bank or the long-term underlying rating of the applicable bonds.

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS

• Moody's downgrades either the long-term CR Assessment of the Bank or the long-term underlying rating of the applicable bonds.

• Moody's determines that the default dependence between the obligor of the applicable bonds and the Bank increased.

The principal methodology used in these ratings was Tender Option Bonds and Related Instruments published in February 2018 and available at https://ratings.moodys.com/api/rmc-documents/63933.  An additional methodology used in these ratings was Guarantees, Letters of Credit and Other Forms of Credit Substitution Methodology published in July 2022 and available at https://ratings.moodys.com/api/rmc-documents/386295.  Alternatively, please see the Rating Methodologies page on https://ratings.moodys.com for a copy of these methodologies.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found on https://ratings.moodys.com/rating-definitions.

For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating.  For further information please see the issuer/deal page for the respective issuer on https://ratings.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of  the guarantor entity.  Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://ratings.moodys.com/documents/PBC_1288235.

The below contact information is provided for information purposes only. For disclosures on the lead rating analyst and the Moody's legal entity that issued the rating, please see the issuer/deal page on https://ratings.moodys.com for each of the ratings covered.

Please see https://ratings.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the issuer/deal page on https://ratings.moodys.com for additional regulatory disclosures for each credit rating.

Randy Matlosz
Analyst
Public Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Michael J. Loughlin
Vice President - Senior Analyst
Public Finance Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

No Related Data.
© 2023 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service, Inc. and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Charter Documents - Director and Shareholder Affiliation Policy.”

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Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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