Very strong capital and earnings position Supportive customer base and embedded important role as a service provider to Australian financial institutions Management team with a record of measured and progressive approaches to adjusting its strategy under changing market dynamics Exposure to high operating risks, relating to its management of the clearing, settlement, payment, and ATM functions for Australian financial institutions Relatively narrow business suite and customer base Revenue stability and systemic importance may be weakened by the continued consolidation within the Australian mutual 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
