Crucial role of Euroclear group in international securities markets. Very strong incentive for market support. Strong risk management and regulatory framework. Very low risk profile. High operational risk inherent in settlement and custody activities. Moderate track record of profitability, albeit consistent with role as largely user-owned infrastructure provider. A persistently low interest rate environment would constrain income and profitability growth. The ratings on Euroclear Bank S.A. reflect its position within the Euroclear group (Euroclear or the Group), and the crucial role that it maintains in the international securities markets as operator of the Euroclear settlement system. In Standard&Poor's Ratings Services' view, this crucial role underpins Euroclear's franchise and provides such a strong incentive for market support that we
