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. The group performs settlement activity on a delivery-versus-payment (DVP) basis, so it benefits from a very low risk profile. Its securities lending activity is secured and it has a high-investment-grade client base, which further underpin the risk profile. In terms of capitalization, although CBL's capital
