Fitch Affirms Various Long-Term Ratings Assigned to TOBs

NEW YORK--(BUSINESS WIRE)-- During the course of routine surveillance, Fitch Ratings affirms the 'AA-' rating assigned to the following bonds. The Outlook assigned to the bonds has been revised to Negative from Stable:

Deutsche Bank SPEARs/LIFERs Trust (NY) custodial receipts series DBE-294;

Deutsche Bank SPEARs/LIFERs Trust (NY) custodial receipts series DBE-306;

Deutsche Bank SPEARs/LIFERs Trust (NY) custodial receipts series DBE-395.

Fitch also affirms the 'AA-' rating assigned to the following bonds. The Outlook assigned to the bonds has been revised to Negative from Positive:

Deutsche Bank SPEARs/LIFERs Trust (NY) custodial receipts series DBE-477;

Deutsche Bank SPEARs/LIFERs Trust (NY) custodial receipts series DBE-486;

Deutsche Bank SPEARs/LIFERs Trust (NY) custodial receipts series DBE-511;

Deutsche Bank SPEARs/LIFERs Trust (NY) custodial receipts series DBE-528.

Fitch also affirms the 'AA-', Outlook Stable rating assigned to the following bonds:

Wells Fargo & Co. (CA) floater certificates series 2009-44C;

Wells Fargo & Co. (CA) floater certificates series 2009-47C;

Wells Fargo & Co. (CA) floater certificates series 2009-50C;

Wells Fargo & Co. (CA) residual certificates series 2009-44C;

Wells Fargo & Co. (CA) residual certificates series 2009-47C;

Wells Fargo & Co. (CA) residual certificates series 2009-50C.

Fitch also affirms the 'A+' rating assigned to the Merrill Lynch, Pierce, Fenner & Smith, Inc. (NY) puttable floating option taxable receipts series TN-008. The long-term rating is maintained on Rating Watch Negative

The long-term rating assigned to the bonds is based on the higher of the rating assigned by Fitch to the applicable credit enhancer providing support to the bonds and the rating assigned by Fitch to the underlying bond deposited in the trust.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'U.S. Municipal Structured Finance Rating Criteria' (April 25, 2011);

--'Guidelines for Rating Tender Option Bond Securities' (May 25, 2011).

Applicable Criteria and Related Research:

U.S. Municipal Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=624129

Guidelines for Rating Tender Option Bond Securities

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=632790

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.