The ratings on Euroclear Bank S.A. reflect its position within the Euroclear group (Euroclear or the Group), and the crucial role that it maintains in the international securities markets as operator of the Euroclear settlement system. In Standard&Poor's Ratings Services' view, this crucial role underpins Euroclear's franchise and provides such a strong incentive for market support that we uplift the ratings on the bank by one notch above its stand-alone credit profile (SACP). The ratings also reflect the strong and dynamic risk management framework, the bank's very low risk profile, and the strong regulatory framework under which it operates. Weaker elements of the credit profile are: the high operational risk inherent in the settlement and custody business, the
