NEW YORK (S&P Global Ratings) July 3, 2019--S&P Global Ratings today said it affirmed its 'AA+' long-term and 'A-1+' short-term ratings on The Depository Trust Co. (DTC) and National Securities Clearing Corp. (NSCC). The outlook on the long-term ratings remains stable. We also affirmed our 'A-1+' rating on NSCC's commercial paper program. The affirmation and removal of the ratings from under criteria observation follows our determination that NSCC and DTC are insulated subsidiaries from the rest of the DTCC group under the new criteria. Both entities are regulated by the SEC and the Fed and have been classified as two of the eight systemically important financial markets utilities in the U.S. They have a stand-alone credit profile of 'aa+', one
