The ratings on Euroclear Bank S.A. reflect the company's extremely low-risk profile, as well as the significant role it maintains in the international financial markets as operator of the Euroclear clearing and settlement system. Given the crucial function of Euroclear in the global securities markets, Standard&Poor's expects that market participants and central banks would have strong incentive to provide liquidity support to Euroclear Bank in the event of a major failure on its part to meet clients' clearing and settlement obligations. Since its creation on Dec. 31, 2000, Euroclear Bank has been the operator of the Euroclear system, which is one of two leading European clearing and settlement organizations. In this role, it continues to focus on securities
