On Nov. 29, 2011, we applied our updated bank ratings criteria (published Nov. 9, 2011) to 37 of the largest global bank groups and their subsidiaries. We continue to see a very strong incentive for the bank and broker user-owners of Euroclear Bank's ultimate parent, Euroclear PLC, to provide the bank with extraordinary support if this was needed. However, we consider that, as a group, they may have less capacity to do so than hitherto. We are therefore placing our 'AA+' long-term counterparty credit rating on Euroclear Bank on CreditWatch with negative implications, and affirming our 'A-1+' short-term rating. The CreditWatch placement reflects our view that Euroclear Bank's stand-alone creditworthiness is likely to remain resilient, but that we may remove
