Fontainebleau Las Vegas had filed a $3 billion lawsuit in April against Bank of America, JPMorgan Chase Bank, Deutsche Bank Trust Company Americas and eight other lenders in an effort to access the prearranged financing to pay its 3,000 construction workers and finish the project, which is 70 percent complete and had eyed an October opening.
The rating is based on the higher of the rating of the underlying bond (currently rated 'A+' with a Stable Outlook by Fitch) held by the custodian, Deutsche Bank Trust Company Americas and the long-term rating assigned to Deutsche Bank AG (currently rated 'AA-/F1+' with a Negative Outlook by Fitch) as provider of credit enhancement in the form of a Swap Agreement, dated as of Oct.
Amended Lawsuit Says Deutsche Bank Seeks to Destroy Fontainebleau to Minimize Competition for Bank's Cosmopolitan Project LAS VEGAS -- Fontainebleau Las Vegas, LLC amended its $3 billion lawsuit today against a group of lenders by demanding additional damages from Deutsche Bank Trust Company Americas for "seeking to destroy the Fontainebleau in order to minimize competition" with the nearby Cosmopolitan Resort and Casino, which is now wholly owned by a Deutsche Bank subsidiary.
DWS Investments is part of Deutsche Bank's Asset Management division and, within the US, represents the retail asset management activities of Deutsche Bank AG, Deutsche Bank Trust Company Americas, Deutsche Investment Management Americas Inc.
The long-term rating of the Custodial Receipts is based on higher of the rating of the underlying bond (currently rated 'A+' with a Negative Rating Outlook) held by the custodian, Deutsche Bank Trust Company Americas and the long-term rating assigned to Deutsche Bank AG (currently rated 'AA-' on Negative Watch) as provider of credit enhancement in the form of a Swap Agreement, dated as of Oct.
The rating is based on the higher of the rating of the underlying bond (currently rated 'AA-' with a Stable Outlook by Fitch) held by the custodian, Deutsche Bank Trust Company Americas and the long-term rating assigned to Deutsche Bank AG (currently rated 'AA-/F1+'and on Rating Watch Negative) as provider of credit enhancement in the form of a Swap Agreement, dated as of Oct.
