Very strong capitalization, reflecting our expectation that AUL will inject capital as needed to support balance-sheet growth Low-risk residential mortgages dominate the loan-book Very small market share and limited competitive advantages in a commoditized, price-sensitive market Funding profile vulnerable to competitive pressures in a stressed operating environment The stable outlook reflects S&P Global Ratings' view that the rating on Big Sky Building Society Ltd. (Big Sky) should remain unchanged in the next two years even if there is a modest weakening in its stand-alone credit profile (SACP) and we were to form the view that there has been a modest weakening in Big Sky's strategic importance to the Australian Unity Ltd. (AUL; not rated) group. We expect that any modest
