Very strong capitalization. Strong operating performance relative to mutual peers. Small market position and susceptibility to ongoing competitive pressures. Funding profile vulnerable to competitive funding pressure, particularly in a stressed operating environment. The stable outlook on Australia-based G&C Mutual Bank Ltd. reflects our expectation that the mutual bank will continue to successfully execute its business strategy, supplementing its traditional residential mortgage business with a number of specialist lending segments that bolster its margin and diversity. We also expect G&C will be able to maintain its good recent growth momentum and financial performance relative to system and mutual peers over the next two years, including under anticipated more stressful economic conditions and heightened competition. Finally, the stable outlook reflects our view
