Crucial role in supporting Euroclear's leading franchise in international securities markets. Strong risk management and regulatory framework. Very low risk profile. Strong capitalization and limited leverage. High operational risk inherent in settlement and custody activities. Dynamic operating environment, requiring constant adaption to mitigate potential threats and leverage opportunities The stable outlook reflects our view that Euroclear's creditworthiness is likely to remain resilient. We expect that it will maintain its low risk profile, satisfactory profitability, strong capitalization, and leading position in settlement and associated post-trade activities, despite a highly competitive environment and structural changes in the European securities industry. We could lower the rating if Euroclear's business or financial profile was to deteriorate materially. This could result from a decline in
