Significant role in international financial markets; Very low risk profile, and strong regulatory and legal protection; and Core positioning within a strong parent group. Modest capital base in proportion to settlement and custody volumes and inherent operational risk; and Moderate weakening of core revenues in a low transaction, low interest rate environment. The ratings on Clearstream Banking S.A., Luxembourg (CBL) reflect its very low risk profile and its significant role in international financial markets. Given the Clearstream International (Clearstream) group's integral role in the securities transaction processing chain, the ratings also reflect Clearstream's core status within its parent group, Deutsche Börse AG (DBAG; AA+/Stable/A-1+). CBL is the primary operating entity of the Clearstream group, which provides global coverage in settlement,
