Embedded role as an important service provider to Australian financial institutions. Very strong capitalization. Relatively narrow, albeit diversifying, business suite and customer base. The outlook on Cuscal Ltd. is negative. The outlook reflects our opinion that Cuscal's creditworthiness could weaken in the next two years due to: Downward pressure on the creditworthiness of the Commonwealth of Australia, which we reflect in the negative outlook on our local currency sovereign rating on Australia; and Downward pressure on the government's supportiveness toward Australia's banking sector. We see a one-in-three chance that we would lower our long-term issuer credit rating on Cuscal to 'A' in the next two years. We would expect to do so in either of the following two scenarios: we
