Fitch: Amendments to Various Corporate Synthetics with Deutsche Bank as Swap Counterparty

CHICAGO--(Business Wire)--
Deutsche Bank AG (Deutsche Bank, rated 'AA-/F1+' on Rating Watch Negative by
Fitch Ratings), as counterparty in the series Agreements and Trust Instruments
of the corporate synthetic transactions noted below, has notified Fitch of its
intention to execute two proposed amendments. The first amendment modifies each
respective Series Agreement (the Series Amendments) to remove Deutsche Bank's
par call option within the respective Series Agreements.

The series Amendments apply to the following transactions:

--$175,000,000 Camber Master Trust series 7 certificates 'B/LS2'; Outlook
Negative;

--$175,000,000 Camber Master Trust series 8 certificates 'B/LS2'; Outlook
Negative;

--$125,000,000 Camber Master Trust series 9 certificates 'BB/LS3'; Outlook
Negative;

--$125,000,000 Camber Master Trust series 10 certificates 'BB/LS3'; Outlook
Negative;

--$125,000,000 Pivot Master Trust series 1 certificates 'BB/LS3'; Outlook
Negative;

--$125,000,000 Pivot Master Trust series 2 certificates 'BB/LS3'; Outlook
Negative;

--$125,000,000 Pivot Master Trust series 3 certificates 'BB/LS5'; Outlook
Negative;

--$125,000,000 Pivot Master Trust series 4 certificates 'BB/LS5'; Outlook
Negative;

--$150,000,000 Pivot Master Trust series 5 certificates 'BBB/LS5'; Outlook
Negative;

--$150,000,000 Pivot Master Trust series 6 certificates 'BBB/LS5'; Outlook
Negative;

--$150,000,000 Pivot Master Trust series 7 certificates 'BBB/LS5'; Outlook
Negative;

--$150,000,000 Pivot Master Trust series 8 certificates 'BBB/LS5'; Outlook
Negative.

The Series Amendments, which remove Deutsche Bank's call option on the notes, in
and of themselves will not affect Fitch's credit opinion of the notes with
respect to the likelihood that noteholders will receive the timely payment of
interest and the ultimate return of principal at maturity.

The second amendment modifies each respective Trust Instrument (the Trust
Amendments) to allow for one or more noteholders to request the replacement of
the underlying collateral, with 100% noteholder approval of the replacement
collateral. The Trust Amendments apply to the following transactions:

--$350,000,000 Eirles Two Limited series 316 notes 'B/LS2'; Outlook Negative;

--$250,000,000 Eirles Two Limited series 319 notes 'BB/LS3'; Outlook Negative;

--$250,000,000 Coriolanus Limited series 64 notes 'BB/LS3'; Outlook Negative;

--$250,000,000 Coriolanus Limited series 68 notes 'BB/LS5'; Outlook Negative;

--$600,000,000 Coriolanus Limited series 79 notes 'BBB/LS5'; Outlook Negative.

The Trust Amendments in and of themselves will not affect Fitch's credit opinion
of the notes since the replacement collateral must have the same aggregate
purchase value, the same or higher coupon, and the same or earlier maturity date
as the replaced collateral. The entity charged with executing the collateral
replacement must have a minimum rating equal to the swap counterparty's rating.
In addition, the existing asset swap between the issuer and Deutsche Bank
remains in effect to protect the coupon payments due to the noteholders.

At the request of the issuer, the ratings of Eirles Two Limited, series 316 and
319 and Coriolanus Limited series 64, 68 and 79 are converted to public from
private ratings.

Fitch is not a party to the transaction and therefore does not provide consent
or approval for changes or additions to existing transaction documents, as that
remains the sole preserve of the transaction parties. Fitch expects to be
notified by the trustee when or if the proposed series and Trust Amendments are
executed.

This commentary does not address whether or not the Series Amendments and Trust
Amendments with respect to these transactions are permitted by the terms of the
documents. This commentary does not address whether the Series Amendments and
Trust Amendments are in the best interests of, or prejudicial to, some or all of
the holders of these transactions.

Fitch's rating definitions and the terms of use of such ratings are available on
the agency's public site, 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.

Fitch Ratings, New York
Brian Vorderbrueggen, +1-212-908-9102
Kevin Kendra, +1-212-908-0760
Sandro Scenga, +1-212-908-0278 (Media Relations)
sandro.scenga@fitchratings.com

Copyright Business Wire 2009