Very strong capital and earnings position Supportive customer base and important role as a service provider to Australian credit unions Sound management team and strategy Relatively narrow business suite and customer base Exposure to high operating risks, relating to its management of the clearing, settlement, payment, and ATM functions for credit unions Revenue stability and systemic importance may be weakened by the continued consolidation within the Australian credit union sector. Our ratings on Australian authorized deposit-taking institution Cuscal Ltd. reflect the stand-alone credit profile (SACP) for a financial institution operating only in Australia; plus Cuscal's "moderate" business position, "very strong" capital and earnings position, "adequate" risk position, "average" funding, and "adequate" liquidity. Our bank criteria use the BICRA economic risk
