Crucial role in supporting the wider Euroclear group's leading franchise in international securities markets. Strong risk management and regulatory framework partly mitigates the high operational risks inherent in settlement and custody activities. Dynamic operating environment, requiring constant adaption to mitigate potential threats and leverage opportunities. Minimal financial leverage. Exceptional liquidity position aided by good cash flow generation and on-balance sheet liquid assets. Well-diversified membership with good creditworthiness. Strong risk-management controls and track record of very low losses arising from operational and credit risks. The stable outlook reflects S&P Global Ratings' view that the Euroclear group's creditworthiness will remain resilient. We expect it will maintain a low risk profile, satisfactory underlying profitability, strong capitalization, and a leading position in securities settlement
