Deutsche Börse, Clearstream Banking's ultimate parent, signed an agreement to merge with NYSE Euronext, subject to shareholder, regulatory, and antitrust approvals. We believe the ring-fence around Clearstream's capital structure protects it from the rest of Deutsche Börse Group. We are affirming the 'AA/A-1+' ratings on Clearstream Banking. The stable outlook reflects our expectation that Clearstream Banking will remain an integral part of the Clearstream group and that the group will maintain its low risk profile. PARIS (Standard&Poor's) Feb. 16, 2011--Standard&Poor's Ratings Services said today that it has affirmed the 'AA/A-1+' ratings on Luxembourg-based international central securities depositary Clearstream Banking S.A. "The ratings on Clearstream Banking primarily reflect its stand-alone credit profile, which is underpinned by a
