On Jan. 17, 2006, Standard & Poor's Ratings Services affirmed the 'AA-' long-term and 'A-1+' short-term counterparty credit ratings on Australia-based financial services provider Credit Union Services Corp. (Australia) Ltd. (CUSCAL). The rating outlook is stable. The ratings on Credit Union Services Corp. (Australia) Ltd. (CUSCAL) reflect its principal position as a service provider to the Australian credit union sector, very good asset quality, and its strong liquidity and funding profile. Moderating these factors is CUSCAL's history of modest, although improving, absolute earnings, and the low absolute size of its capital base. CUSCAL's capital resources have been lowered through a series of capital reductions and are considered modest by size by international standards, although the adequacy is consistent with its
