The ratings on Luxembourg-based Clearstream Banking S.A. (CBL) reflect Standard&Poor's Ratings Services' view of its very low risk profile, significant role in international financial markets as an international central securities depository (CSD), 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 its ultimate parent, Deutsche Boerse AG (DBAG; AA/Watch Neg/A-1+). CBL is the primary operating entity of Clearstream, which provides global coverage in settlement, custody, and asset optimization services. CBL's core business is the settlement and custody of international securities. Clearstream's closest peer is Euroclear Bank S.A. (AA+/Watch Neg/A-1+). The other two operating entities of Clearstream
