Crucial role in supporting the wider Euroclear group's leading franchise in international securities markets. Strong risk management and regulatory framework partly mitigates the high operational risk inherent in settlement and custody activities. Dynamic operating environment, requiring constant adaption to mitigate potential threats and leverage opportunities. Minimal consolidated financial leverage notwithstanding the December 2016 €600 million 10 year senior bond issue by intermediate nonoperating holding company Euroclear Investments S.A. Exceptional liquidity position aided by good cash flow generation and on-balance sheet liquid assets. Well-diversified membership with good creditworthiness. Strong risk-management controls and track record of very low losses arising from operational and credit risks. The stable outlook reflects S&P Global Ratings' view that the Euroclear group's creditworthiness will remain resilient. We
