The ratings on Belgium-based Euroclear Bank S.A. reflect Standard&Poor's Ratings Services' view of its "core" position within the Euroclear group (Euroclear), and the crucial role that it maintains in the international securities markets as operator of the Euroclear settlement system. 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. In our view, the weaker elements of the credit profile are the high operational risk generally inherent in the settlement and custody business, and the moderate track record of profitability (although it has improved recently). Euroclear Bank is one of the world's largest providers of cross-border settlement services, covering domestic and international
