Crucial role in supporting Euroclear's leading franchise in international securities markets. Strong risk management and regulatory framework. Very low risk profile. Solid capitalization and limited leverage. High operational risk inherent in settlement and custody activities. Moderate track record of profitability, albeit consistent with role as largely user-owned infrastructure provider. Dynamic operating environment, requiring constant adaption to mitigate potential threats and leverage opportunities The ratings on Belgium-based Euroclear Bank S.A. reflect Standard&Poor's Ratings Services' view of its "core" position within the Euroclear group (Euroclear), and the crucial role that it maintains in the international securities markets. The ratings also reflect the strong and dynamic risk management framework, the bank's very low risk profile, and the strong regulatory framework under
