Very low credit and financial risk profile. Crucial role in international financial markets. Central position in the wider Clearstream group. Strong legal protections underpinning its role as a depository and custodian. Modest capital base in proportion to settlement and custody volumes. High operational risk inherent in settlement and custody activities. Sensitivity of core revenues to currently depressed transaction volumes and low interest rates. The ratings on Luxembourg-based Clearstream Banking S.A. (CBL) reflect Standard&Poor's Rating Services' view of its very low risk profile, crucial role in international financial markets as an international central securities depository (CSD), central position in the wider Clearstream group, strong risk management, and legal protections. While we consider the high inherent operational risks to be
