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 settlement system. Given the Euroclear system's importance as a global leader in international securities 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' settlement 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 settlement and asset servicing, as well as on related activities such as securities
