Embedded role as an important service provider to Australian financial institutions Very strong capitalization Small, niche focus susceptible to structural industry changes around product and service requirements and customer needs The stable outlook reflects our view that Cuscal Ltd. will remain an important service provider to an increasing portfolio of Australian financial institutions and that it will maintain its risk-adjusted capital (RAC) ratio above 15% over the next two years, resulting in good coverage of its operational risk exposures. Rating stability factors in our expectation that Cuscal will effectively manage operational risks in its business and sustain a very high level of product and service performance and customer service. This includes it effectively managing the development of existing and new
