Very strong capital and earnings position Supportive customer base and embedded important role as a service provider to Australian financial institutions Management team with a record of measured and progressive approaches to adjusting its strategy under changing market dynamics Exposure to high operating risks, relating to its management of the clearing, settlement, payment, and ATM functions for Australian financial institutions Relatively narrow business suite and customer base 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, and that its RAC ratio will be maintained above 15% over the
