MELBOURNE (Standard&Poor's) Dec. 10, 2015--Standard&Poor's Rating Services said today that its current ratings and outlook (BBB/Stable/A-2) on SGE Mutual Ltd., trading as G&C Mutual Bank, are unchanged following today's announcement that the boards of Quay Credit Union Ltd. (Quay; not rated) and G&C Mutual Bank have signed a Memorandum of Understanding that sets out an agreed timetable under which the two organizations will merge in 2016. The merger is subject to both member and regulatory approvals. Our view is that should the merger proceed, it would have a slight positive impact on G&C Mutual Bank's credit profile but an impact insufficient to change the existing ratings or outlook on the mutual bank. With a post-merger balance
