The ratings on Clearstream Banking S.A., Luxembourg (CBL) reflect its very low risk profile and its significant role in international financial markets. Given the Clearstream International (Clearstream) group's integral role in 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+). CBL is the primary operating entity of the Clearstream group, which provides global coverage in settlement, custody, and asset optimization services. As settlement activity is undertaken on a delivery-versus-payment (DVP) basis, the group benefits from a very low risk profile, which is further underpinned by the maintenance of a secured lending policy in securities lending activity, and a high investment-grade client base. In terms of capitalization, although CBL's
