The ratings on Euroclear Bank S.A. reflect the company's very 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 Euroclear system's importance as a global leader in international securities clearing, settlement, and custody, Standard&Poor's considers that there is an incentive for central banks and securities market participants to ensure that the company remains able to meet its clients' clearing 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 clearing and settlement, securities
