Central position in the wider Clearstream group. Crucial role in international financial markets. Very low risk profile. Strong legal protection underpinning its role as a depository and custodian. High operational risk inherent in settlement and custody activities. Dynamic operating environment, requiring constant adaption to mitigate potential threats and leverage opportunities. Well-diversified membership with typically good creditworthiness. Strong risk-management controls and track record of very low losses arising from operational and credit risks. The stable outlook on CBL reflects that on DBAG and our view that the Clearstream subgroup's intrinsic creditworthiness will remain robust. We continue to regard Clearstream as an insulated subgroup of DBAG and expect that we would affirm the ratings on CBL even if, contrary to our current
