Very strong capitalization Supportive customer base and embedded role as an important 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, albeit diversifying, business suite and customer base The stable rating outlook reflects our view that Cuscal will remain an important service provider to an increasing portion of Australian financial institutions and its RAC ratio will be maintained above 15% over the medium-to-long term, which will result in good coverage of its operational risk exposures. The stable rating outlook also takes into
