The ratings on Clearstream Banking S.A., Luxembourg (CBL) reflect its very low risk profile, significant role in international financial markets, and strong regulatory and legal protection. Given the Clearstream group's integral role in the securities transaction processing chain, the ratings also reflect its core status within its ultimate parent, Deutsche Boerse 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 its securities lending activity, and a high-investment-grade client base. In terms of capitalization,
