Following a review of Cuscal Ltd. (Cuscal) under Standard&Poor's revised bank criteria (published Nov. 9, 2011), we have revised our outlook on Cuscal to stable from negative, and have affirmed the issuer credit ratings at 'A+/A-1'. Our ratings on Cuscal reflect the stand-alone credit profile for a financial institution operating only in Australia; plus Cuscal's moderate business position, very strong capital and earnings position, adequate risk position, average funding, and adequate liquidity. The stable rating outlook reflects our opinion that Cuscal will remain an important service provider to a material portion of the Australian credit union market. As previously announced, on Dec. 13, 2011, Standard&Poor's Ratings Services revised its outlook on Cuscal Ltd. to stable from
