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. The ratings also reflect the Clearstream International (Clearstream) group's core status within its parent group, Deutsche Börse AG (DBAG; AA+/Stable/A-1+), given its importance as an integral part of the securities transaction processing chain. CBL is the primary operating entity of the Clearstream group, which is one of two main Eurobond clearing and settlement houses. The group provides global coverage in clearing, settlement, custody, and asset optimization services. Clearstream benefits from a very low-risk profile, as settlement activity is undertaken on a delivery-versus-payment basis. The maintenance of a secured lending policy in CBL's securities lending
