The stable outlooks on CBL and CBF reflect our view that Clearstream's intrinsic creditworthiness will remain robust over the next two years. The outlook also indicates that we expect Clearstream to maintain strong capitalization, a very low risk profile, and strong core earnings. We anticipate that Clearstream will remain an insulated subgroup of DB1, under our criteria. We could downgrade CBL and CBF if the above expectations are not met, especially if we consider Clearstream's very strong market position at risk of meaningful deterioration, or if we forecast a sharp rise in leverage. We could also lower the ratings if we downgraded DB1 by more than one notch. We are unlikely to upgrade CBL and CBF. This reflects our already
