The ratings on Euroclear Bank S.A. continue to reflect its extremely low-risk profile, as well as the significant role it has in the international financial markets as operator of the Euroclear clearing and settlement system. Given the crucial function of Euroclear in the global securities markets, Standard&Poor's expects that market participants and central banks would be strongly incited to provide liquidity support to Euroclear Bank in the event of a major failure on its part to meet clients' clearing and settlement obligations. The Euroclear system is one of two leading European clearing and settlement organizations (the other is Clearstream Banking S.A.). Through a licensing agreement with Euroclear Clearance System PLC (ECSplc), the Brussels branch of Morgan Guaranty Trust
