Very strong capital and earnings position Supportive customer base and important role as a service provider to Australian mutuals Sound management team and strategy Relatively narrow business suite and customer base Exposure to high operating risks, relating to its management of the clearing, settlement, payment, and ATM functions for mutuals Revenue stability and systemic importance may be weakened by the continued consolidation within the Australian mutual sector The stable rating outlook reflects our view that Cuscal will remain an important service provider to a sizeable portion of the Australian mutual sector, its RAC ratio maintained above 15% over the medium-to-long term and its capital position having good coverage of operational risk exposures. It is unlikely that we will raise Cuscal's
