Leading franchise in international securities settlement and depositary activity. Lower than peers' profit margin volatility and attractive long-term organic growth prospects. Dynamic operating environment requiring constant adaptation to mitigate potential threats and leverage opportunities. Modest financial leverage. Exceptional liquidity position aided by good cash flow generation and on-balance-sheet liquid assets. Very strong capital ratios at Euroclear Bank, both on a regulatory and an S&P Global Ratings-model basis. Well-diversified membership with good creditworthiness. Strong risk-management controls and a track record of very low losses arising from operational and credit risks. The stable outlook reflects S&P Global Ratings view that Euroclear group's creditworthiness will remain resilient. We expect that the group will maintain a low risk profile, satisfactory profitability, strong capitalization, and
