Cuscal?s ratings continue to reflect its integral role in the credit union sector (about 80% of Australia's credit unions are shareholders of Cuscal and more than 80% are customers of Cuscal), its low exposure to credit and market risks and conservative risk appetite, and our view of its strong enterprise-wide risk-management capability. These factors weigh strongly on our current ratings and help offset our overall assessment of Cuscal's business risk profile, which is viewed as being a slight weakness to the rating. These factors also help offset limitations around our assessment of Cuscal's capital adequacy and financial flexibility. Despite Cuscal's sound capital adequacy ratios, capital and financial flexibility is viewed as a slight weakness to the rating, stemming from Cuscal's
