National Securities Clearing Corp. is planning to issue $4 billion of commercial paper and $1 billion of extendible notes to facilitate the settlement of transactions in the event of a clearing member default. We are assigning our 'A-1+' rating to the company's commercial paper and our 'AA+' rating to the extendible notes. We have also affirmed our 'AA+'/'A-1+' issuer credit ratings on the company. The outlook remains stable, reflecting our expectations that National Securities and Clearing Corp.'s financial safeguards will continue to provide substantial protection against member default. On May 26, 2015, Standard&Poor's Ratings Services assigned its 'A-1+' issue credit rating to National Securities Clearing Corp.'s (NSCC) proposed $4 billion of commercial paper and its 'AA+' rating to
