Integral to Australian credit union industry, although role is susceptible to being diminished in the future if credit unions increasingly meet financial services needs themselves or with third parties Low credit risk profile Strong enterprise risk management capability and our favorable view of management Increasingly concentrated exposure to individual credit unions stemming from ongoing industry consolidation Moderate earnings outlook Financial flexibility constrained by limited capacity of credit unions to provide additional capital if required, and strength of capital ratios moderated by our view of Cuscal's high exposure to operating risks, notwithstanding they have been well managed to date Cuscal?s ratings continue to reflect its integral role in the credit union sector (about 80% of Australia's credit unions are shareholders of
