The ratings on Credit Union Services Corp. (Australia) Ltd. (CUSCAL) reflect its principal position in Australia's credit union sector, very good asset quality, and strong liquidity. In recent times, CUSCAL has refocused its attention on its core role of supporting credit unions' operations and on improving its general operational efficiency. Even so, headline earnings have been impacted by a series of one-off costs and losses, which have masked underlying improvements in CUSCAL's business profile. Capital adequacy is considered sound, although the absolute size is modest by international standards. CUSCAL provides products and services to support the operations of affiliated credit unions, which are also its owners, and administers the voluntary industry liquidity support scheme. Sound business profile and dominant position
