Standard & Poor's Ratings Services has affirmed the 'AA-' long-term and 'A-1+' short-term counterparty credit ratings on Credit Union Services Corp. (Australia) Ltd. (CUSCAL). The rating outlook is stable. The ratings on CUSCAL are underpinned by its leading market position in the provision of financial services to the Australian credit union sector, strong asset quality, and its improved quality of underlying earnings. The strategic imperative of concentrating on core activities has helped to restore greater stability in the company's earnings and growth. Even so, CUSCAL will need to maintain its strong support from the credit union movement, particularly concerning its affiliation with some of the larger credit unions, which may, over time, reduce their reliance on CUSCAL's services. Capital adequacy
