Standard&Poor's published its revised criteria on rating financial market infrastructure companies on Dec. 9, 2014. As announced on Dec. 11, 2014, we affirmed our 'AA/A-1+' issuer credit ratings on Euroclear Bank S.A. We have lowered to 'A-' from 'A+' our issue credit rating on the hybrid capital instrument issued by Euroclear Finance 2 S.A. and guaranteed by Euroclear Bank. This downgrade reflects our use of bank hybrid ratings criteria and the increased risk of regulatory intervention that is identified under these criteria. The outlook on Euroclear Bank is stable, reflecting our view that Euroclear's creditworthiness is likely to remain resilient. As previously announced on Dec. 11, 2014, Standard&Poor's Ratings Services has affirmed its long- and short-term
