Standard&Poor's has assigned its 'BBB/A-2' ratings to SGE Mutual Ltd., trading as G&C Mutual Bank. Our ratings on G&C Mutual Bank reflect the mutual bank's very strong capitalization, and its good loss experience which is reflective of its focus on low-risk residential mortgages and the risk profile of its customer base. These factors are offset by G&C Mutual Bank's limited business franchise, which leaves it susceptible to heightened competition from other retail-focused financial institutions and a funding profile that is susceptible to competitive funding pressure, and its weaker capacity to source funding in a stressed operating environment. The stable outlook reflects our view that G&C Mutual Bank will retain its focus on providing well-secured residential mortgage loans to
