The credit profile of Credit Union Services Corp. (Australia) Ltd. (CUSCAL) is supported by its central role within the Australian credit union sector as the country's largest special-service provider (SSP), excellent credit risk record, very good asset quality, and strong balance-sheet liquidity. By virtue of CUSCAL's mutual ownership structure, its capitalization can be supplemented in line with growth in business activities, though was supplemented by the sale of the Bridges entities in 2001. A restructuring of operations has resulted in a condensed and refocused group, and is expected to bring down its relatively high costs. The sale of noncore businesses has reduced risk within the balance sheet and allowed management to focus on providing core products and services to affiliated
