MELBOURNE (Standard&Poor's) Nov. 19, 2012--Standard&Poor's Ratings Services' said today that it has affirmed its 'A+/A-1' issuer credit ratings on Australian authorized deposit-taking institution Cuscal Ltd. The outlook is stable. Standard&Poor's considers Cuscal's business position as being supported by the financial institution's unique position as a service provider that is owned by the credit unions. This means Cuscal does not directly compete with the credit unions, is able to provide economies of scale to the credit unions by aggregating their services, and has the experience and expertise to provide such services. We note that Cuscal has successfully retained the support of the vast majority of its customers in the process of migrating to a new
