NEW YORK (Standard&Poor's CreditWire) May 19, 1999--Standard&Poor's today affirmed its double-'A'-plus long-term counterparty credit and CD ratings as well as its 'A-1'-plus short-term counterparty credit, CD, and commercial paper ratings on Cedelbank S.A. The outlook is stable. The ratings affirmation follows the announcement of the joint creation by Cedel International (unrated) and Deutsche Boerse AG (unrated) of a European clearing house through the grouping of their settlement, clearing, and custody activities. The new entity, Cedel International New (CI New), will be the largest European clearing organization, providing custody and settlement services for bonds and equities in Europe and worldwide. In the short term, the creation of CI New will have no impact on Cedelbank's activities. The
