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Cuscal maintains strong credit rating despite GFC

11 January 2010

Standard and Poor's has reaffirmed Cuscal's AA- rating, despite the challenges of the recent Global Financial Crisis.

This makes Cuscal one of the smallest financial services companies in the world to achieve and retain such a strong credit rating, and one of only a few financial services companies in Australia, other than the major banks, with an AA- rating.

In its report released in late December last year, Standard and Poor's noted that: "The ratings on Cuscal Ltd. reflect the company's principal position as a service provider to the Australian credit union sector, strong asset quality, and its strong liquidity profile."

"Further supporting the ratings is Cuscal's sound business profile, as reflected in the company's affiliation with approximately 85 per cent of credit unions in Australia, and its integral role in the industry."

Standard and Poor's also supports a stable outlook for Cuscal while noting risks associated with change: "The rating outlook is stable, reflecting our expectations that Cuscal will maintain its strong market position, role and relevance in the Australian credit union sector, and that many of its strong financial risk characteristics, including its strong asset quality and liquidity, will remain as enduring features over the medium-term."

Cuscal's Managing Director, Craig Kennedy described the credit rating confirmation as an excellent result for the company and its stakeholders.

"The announcement topped an excellent year for Cuscal, which also saw us enter an agreement with the National Australia Bank to provide the second largest ATM network in Australia and launch superannuation transaction solution, ClickSuper,' he said.

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About Cuscal
Cuscal is a leading business-to-business provider of wholesale banking and transactional banking services in Australia. Servicing more than 100 specialist retail financial institutions, including the majority of Australia's credit unions, Cuscal processes more than 100 million electronic banking transactions each year and manages the assets of a customer base with a collective balance sheet of more than $30 billion.

Further information on Cuscal can be found at www.cuscal.com.au.

To arrange an interview or obtain further information, please contact:

Iain Keddie General Manager Corporate Services / CFO Cuscal Level 1 Margaret St Sydney NSW 2000 02 8299 9067 ikeddie@cuscal.com.au

Jo Cross BlueChip Communication 02 9018 8610 0421 521 849 jo@bluechipcommunication.com.au