Standard&Poor's said today that Belgium-based clearing and settlement organization Euroclear Bank S.A.'s (Euroclear; AA+/Stable/A-1+) announcement that it will acquire CRESTCo. Ltd. (CREST), a leading U.K.-based settlement entity, will have no impact on the ratings or outlook on Euroclear. CREST's main business is the settlement of U.K. and Irish securities. It settled 73.6 million transactions in 2001, with a value of more than €96.4 trillion. CREST is currently owned and governed by its customers, and is run as a utility in the interests of maximizing customers' rather than shareholders' value. Euroclear's intention to acquire CREST is in line with its strategy to strengthen its position in clearing and settlement services in Europe. This transaction would represent a major step
