Summary: PSIS Ltd. Jun 11

Standard & Poors, June 2011

Abstract
The ratings reflect PSIS' strong membership support, which underpins a sound and reasonably resilient business profile as a retail-focused financial services provider in New Zealand that successfully withstood the recent difficult operating environment for financial services. We further believe that PSIS' credit profile is supported by the company's cooperative status, which forms the cornerstone of its customer focus and business success. Specifically, PSIS has maintained sound business growth through this period, when new lending opportunities have been limited, without aggressively competing on price or relaxing its underwriting standards. More importantly, in our opinion the strong membership base has translated into a supportive and stable retail funding profile, and we expect this support to remain amid the ongoing difficult operating environment....

Companies mentioned in this report are: PSIS Ltd.
Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

PSIS Ltd.

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