Very low risk profile Significant role in international financial markets Strong regulatory and legal protection 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 Moderate weakening of core revenues in a context of low transaction volumes and low interest rates The ratings on Clearstream Banking S.A., Luxembourg (CBL) reflect its very low risk profile, significant role in international financial markets, and strong regulatory and legal protection. Given the Clearstream group's integral role in the securities transaction processing chain, the ratings also reflect its core status within its ultimate parent, Deutsche Boerse AG (DBAG; AA/Stable/A-1+). CBL is the primary operating entity of the Clearstream
