MELBOURNE (Standard & Poor's) Jan. 22, 2002--Standard & Poor's today affirmed the double-'A'-minus long-term and the 'A-1'-plus short-term counterparty credit ratings on Credit Union Services Corp. (Australia) Ltd. (CUSCAL). The outlook is stable. The affirmation reflects CUSCALS's central role as a special service provider (SSP) within Australia's credit union movement and the low-risk nature of its operations, supported by its excellent credit risk record and very good asset quality, and experienced and conservative management team. Like its credit union members, however, the company remains susceptible to increased competitive pressures within the finance sector, and a weakening economic environment. A recently completed restructuring of the company's operations, combined with the sale of noncore businesses, have resulted in an improved commercial outlook
