Very low credit and financial risk profile. Crucial role in international financial markets. Strong regulatory and legal protection. Core positioning within the Deutsche Boerse group. Modest capital base in proportion to settlement and custody volumes. Large operational risks in systems and assets under custody. Relatively high dependence of core revenue on securities values, transaction volumes, and interest rates. The ratings on Luxembourg-based Clearstream Banking S.A. (CBL) reflect Standard&Poor's Ratings Services' view of its very low risk profile, significant role in international financial markets as an international central securities depository (CSD), strong risk management, and regulatory and legal protection. Given the integral role of the Clearstream group (Clearstream) in the securities transaction processing chain, the ratings also reflect Clearstream's
