The ratings on Cuscal Ltd. reflect the company's principal position as a service provider to the Australian credit union sector, very good asset quality, and its strong liquidity and funding profile. Moderating these factors are Cuscal's history of modest, although improving, absolute earnings; and the low absolute size of its capital base, which limits the company's ability to deal with an unforeseen shock or stress. Cuscal provides a range of products and services to support the operations of credit unions and other financial institutions. For the year ended June 30, 2008, Cuscal's net income after tax was A$58.3 million (including A$39.6 million as a significant item due to the acquisition and part redemption of shares in Visa Inc. as part
