The ratings on Clearstream Banking S.A., Luxembourg (CBL) reflect the company's very low-risk profile, as well as the significant role it plays in international financial markets. Given that the Clearstream International (Clearstream) group is an integral part of the securities transaction processing chain, the ratings also reflect Clearstream's core status within its parent group, Deutsche Börse AG (DBAG; AA+/Stable/A-1+). One of two main Eurobond clearing and settlement houses, CBL is the primary operating entity of the Clearstream group. The group provides global coverage in securities clearing, settlement, custody, and asset optimization services. As CBL's approach to settlement is undertaken on a delivery-versus-payment (DVP) basis, the group benefits from a very low risk profile, which is further underpinned by the high
