The ratings on Euroclear Bank S.A. reflect the company's very low-risk profile, as well as the crucial 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 Ratings Services considers that there is an incentive for central banks and securities market participants to ensure that Euroclear Bank remains able to meet its clients' clearing obligations. Euroclear Bank is one of the world's largest settlement systems for domestic and international securities transactions, covering bonds, equities and investment funds. Euroclear Bank continues to focus on securities clearing and settlement, as well as on related activities such
