Euroclear Bank will shortly launch a €5 billion euro medium-term note program, primarily to increase its available liquidity to satisfy the EU's Central Securities Depositories Regulation requirements. We consider senior debt issuance under the program will be leverage neutral and that the broader initiative will support the group's creditworthiness. We are therefore affirming our ratings on Euroclear Bank and Euroclear Investments. We are assigning 'AA' ratings to the senior unsecured issuance under the program, and 'AA-' ratings to the senior nonpreferred issuance. The stable outlook reflects our view that Euroclear Group will maintain a low risk profile, satisfactory profitability, strong capitalization, and leading position in securities settlement and associated post-trade activities. On June 25, 2018, S&P Global Ratings affirmed its
