Very strong capitalization Low-risk residential mortgages dominate the loan book Likely to receive financial support from the parent, if needed 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 on Big Sky Building Society Ltd. (Big Sky) reflects S&P Global Ratings' view that we are unlikely to change our ratings on the building society in the next two years even if there is a modest weakening or strengthening in its stand-alone credit profile (SACP) or its strategic importance to its parent, Australian Unity Ltd. (AUL). We expect that Big Sky's ownership structure would offset any consequent downside or upside pressures on our
