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 integral role of the Clearstream group (Clearstream) in the securities transaction processing chain, the ratings also reflect Clearstream's core status under its ultimate parent, Deutsche Boerse AG (DBAG; AA/Stable/A-1+). CBL is the primary operating entity of Clearstream, which provides global coverage in settlement, custody, and asset optimization services. The group carries out settlement on a delivery-versus-payment basis, and so benefits from a very low risk profile. Its securities lending is secured and it has a high-investment-grade client base, which further underpins the risk profile. Clearstream is integrated into the Deutsche Boerse Group,
