The stable outlook on Clearstream reflects our classification of CBL as an "insulated" subsidiary and the likelihood that we would affirm the ratings on CBL even if, contrary to our current expectation, we lowered our ratings on DBAG by one notch. The outlook also reflects our expectation that Clearstream will continue to improve its capitalization, maintain its very low risk profile, and sustain good core revenue and its strong market share as an international CSD despite a highly competitive environment and structural changes in the European securities industry. We could take a negative rating action if the above expectations are not met, most notably from a failure to further improve capitalization or a rise in risk appetite. While we consider
