Summary: The Depository Trust Co. Dec 11

Standard & Poors, December 2011

Abstract
Standard & Poor's Ratings Services ratings on The Depository Trust Co. (DTC) reflect the low risk of the company's core operations and the strong risk management controls that protect it from counterparty credit and operational losses. DTC is the central securities depository for virtually all corporate and municipal securities in the U.S., including equity securities, corporate and municipal debt, and money market instruments (MMIs). The company plays a critical role supporting the infrastructure of the U.S. securities market--the largest and most robust in the world. DTC's most important responsibilities are safekeeping, record keeping, book entry transfer, and pledge of securities among its participants; servicing securities held in custody; settling off-exchange securities transactions among its institutional participants; and facilitating the movement...

Companies mentioned in this report are: The Depository Trust Company,National Securities Clearing Corporation,Fixed Income Clearing Corp.
Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

The Depository Trust Company,National Securities Clearing Corporation,Fixed Income Clearing Corp.

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