On Dec. 7, 2011, we placed our 'AA+' long-term counterparty credit rating on Euroclear Bank on CreditWatch with negative implications. We continue to see a very strong incentive for the user-owners of Euroclear Bank's ultimate parent, Euroclear PLC, to provide the bank with extraordinary support if needed. However, we consider that they have less capacity to do so than hitherto. We are therefore removing the explicit notch of "market" support from our long-term counterparty credit rating on Euroclear Bank, lowering it to 'AA' from 'AA+', and removing it from CreditWatch negative, where it was placed on Dec. 7, 2011. We are affirming our 'A-1+' short-term rating on the bank. The stable outlook reflects our view that Euroclear Bank's stand-alone creditworthiness
