Crucial role in supporting Euroclear's leading franchise in international securities markets. Strong risk management and regulatory framework. Very low risk profile. Solid capitalization and limited leverage. High operational risk inherent in settlement and custody activities. Moderate track record of profitability, albeit consistent with role as largely user-owned infrastructure provider. Dynamic operating environment, requiring constant adaption to mitigate potential threats and leverage opportunities The stable outlook reflects our view that while market conditions could remain relatively unsupportive, we expect that Euroclear's creditworthiness is likely to remain resilient, and that it will maintain its low risk profile, leading position in settlement and associated post-trade activities, satisfactory underlying profitability, and solid capitalization. We could lower the rating if Euroclear's business or financial profile
