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. Well-diversified membership with typically good creditworthiness. Strong risk-management controls and track record of very low losses arising from operational and credit risks. The ratings on Luxembourg-based Clearstream Banking SA (CBL) reflect our view of its central role in the subgroup headed by Clearstream Holding AG (Clearstream) and the wider group headed by Deutsche Boerse AG (DBAG), which is the 100% owner of Clearstream. The ratings are supported by our view
