The ratings on Clearstream Banking S.A., Luxembourg (CBL) continue to be based on its extremely low-risk profile and its significant role in the international financial markets. CBL's importance as a global leader in securities clearing, settlement, and custody is such that the subsequent disruption to international financial markets, in the event it should fail to meet clients' clearing obligations, would provide strong incentive to central banks and global securities market participants to provide liquidity support if necessary. One of two main Eurobond clearing and settlement houses (the other is Euroclear Bank S.A.), CBL is the primary operating entity of the Clearstream International group. Subsequent to the Jan. 1, 2000 grouping of the settlement, clearing, and custody activities of Cedelbank and
