Central position in the wider Clearstream group. Crucial role in international financial markets. Very low risk profile. Strong legal protection underpinning its role as a depository and custodian. High operational risk inherent in settlement and custody activities. Dynamic operating environment, requiring constant adaption to mitigate potential threats and leverage opportunities. The ratings on Luxembourg-based Clearstream Banking S.A. (CBL) reflect Standard&Poor's Rating Services' view of its central role in the subgroup headed by Clearstream International AG (Clearstream) and the wider group headed by Deutsche Boerse AG (DBAG, AA/Stable/A-1+)), which is the 100% owner of Clearstream. The ratings are supported by our view of Clearstream's very low credit and financial risk profile, crucial role in international financial markets as an
