Plays a crucial role in international financial markets, A very low risk profile, A strong regulatory and legal framework, and Strong incentives for implicit market support. A low level of absolute capital, and Operational risk is inherent in settlement and custody activities. The ratings on Euroclear Bank S.A. reflect the company's very low-risk profile, as well as the crucial role it maintains in the international financial markets as operator of the Euroclear clearing and settlement system. Given the Euroclear system's importance as a global leader in international securities clearing, settlement, and custody, Standard&Poor's Ratings Services considers that there is an incentive for central banks and securities market participants to ensure that Euroclear Bank remains able to meet its
