The ratings on Clearstream Banking S.A. (CBL) reflect its very low risk profile, significant role in international financial markets as an international central securities depository, strong risk management, and 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 for the Deutsche Boerse Group and its ultimate parent, Deutsche Boerse AG (DBAG; AA/Stable/A-1+). Luxembourg-based 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
