Very low risk profile; Significant role in international financial markets; Strong regulatory and legal protection; and Core positioning within a strong parent group. Modest capital base in proportion to settlement and custody volumes; Large operational risks in systems and assets under custody; and Moderate weakening of core revenues in a low transaction, low interest rate environment. The ratings on Clearstream Banking S.A. (Clearstream Banking Luxembourg; CBL) reflect its very low risk profile, significant role in international financial markets, and strong regulatory and legal protection. 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 Boerse AG (DBAG; AA/Stable/A-1+). CBL is the primary operating entity
