Our ratings on Cuscal reflect the stand-alone credit profile (SACP) for a financial institution operating only in Australia; plus Cuscal's "moderate" business position, "very strong" capital and earnings position, "adequate" risk position, "average" funding, and "adequate" liquidity. Our bank criteria use the BICRA economic risk and industry risk scores to determine a bank's anchor SACP, the starting point in assigning an ICR. The anchor SACP for a bank operating only in Australia is 'a-'. The BICRA score is informed by our evaluation of economic risk, where we view Australia as a wealthy, open, and resilient economy. We consider that build-up of private sector credit and asset prices has eased in the recent years, and that moderate private sector debt is offset by
