MELBOURNE (Standard & Poor's) Oct. 21, 2002--Standard & Poor's Ratings Services said today it has affirmed its double-'A'-minus long-term and 'A-1'-plus short-term counterparty credit ratings on Credit Union Services Corp. (Australia) Ltd. (CUSCAL). The outlook is stable. "CUSCAL's credit profile is supported by its principal position in Australia's credit union sector, very good asset quality, strong balance-sheet liquidity, and acceptable capitalization," said Craig Bennett, associate director, Financial Ratings Services. "Industry dynamics in the Australian credit union sector are changing, however, as CUSCAL is now required to support a group of credit unions that are large by Australian standards, and that have experienced strong growth in recent years," added Mr. Bennett. Furthermore, sensitivities affecting the Australian credit union sector are emerging,
