Research Update: Australian-Based bankmecu ?BBB+/A-2? Ratings Affirmed On Revised Criteria; Outlook Stable Dec 11

Standard & Poors, December 2011

Abstract
Following a review of mecu Ltd. (trading as "bankmecu") under Standard & Poor's revised bank criteria (published Nov. 9, 2011), we have affirmed our 'BBB+/A-2' issuer credit ratings on bankmecu. The outlook is stable. Our ratings on bankmecu reflect the anchor stand-alone credit profile for a bank operating only in Australia; plus bankmecu's weak business position, very strong capital and earnings, adequate risk position, below average funding, and adequate liquidity. The stable outlook reflects our opinion that bankmecu will retain its current low-risk business focus, and continue to perform well. As previously announced, on Dec. 13, 2011, Standard & Poor's Ratings Services affirmed its issuer credit ratings on bankmecu at 'BBB+/A-2'. The outlook on the ratings is stable. Our ratings...

Companies mentioned in this report are: mecu Ltd.
Action: Affirmed
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

mecu Ltd.

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