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 negative outlook on Cuscal Ltd. (Cuscal) reflects S&P Global Ratings' view that economic risks facing financial institutions operating in Australia are potentially increasing as a result of strong growth in private sector debt and residential property prices in the past four years. Our base-case scenario remains that the growth in private sector debt
