NEW MUTUAL BANK AWARDED INDEPENDENT CREDIT RATING

The nation’s newest mutual bank, Beyond Bank Australia, has been awarded a BBB+ long term and A2 short term rating - with a stable outlook - from independent credit rating agency, Standard and Poor’s.

The rating is based on the agency’s assessment that Beyond Bank has a very strong capital and earnings position, is focused on low-risk, well-secured residential lending and has a sound strategy to support ongoing business stability.

A BBB+ rating is the equal strongest of public ratings that Standard and Poor’s has provided to any Australian mutual bank or credit union.

Beyond Bank Chief Executive Officer Robert Keogh said the strength of the agency’s assessment reflected the bank’s performance, capital profile, earnings, funding and liquidity.

“We have always been focused on prudent management of our business and lending portfolio to ensure the ongoing sustainability of our business model,” Mr Keogh said.

“Moving from Community CPS Australia and our previous allied brands to mutual bank and Beyond Bank Australia branding last week (Thursday 1 August 2013) is part of our strategy to support the future growth of our organisation through access to wholesale institutional investors in order to further diversify our funding base and ensuring our product and service offering remains relevant to customers.”

The rating is the opinion of the agency and should not be interpreted as a statement of fact or investment advice. A rating can change at any time. For the latest credit ratings information refer to standardandpoors.com.au

About BEYOND BANK AUSTRALIA: 
With more than 200,000 members and assets under management approaching $4 billion, Beyond Bank Australia is one of the nation's largest customer-owned financial institutions. It operates more than 50 branches across SA, WA, Wagga Wagga, the Hunter Valley and the ACT, and provides banking services and wealth management, tax and accounting services. It also supports a range of community endeavours via the Beyond Bank Australia Foundation. For more information visit beyondbank.com.au

Before its launch as a mutual bank on 1 August 2013, Beyond Bank Australia traded as the Community CPS Australia Credit Union Group, and was known as Wagga Mutual Credit Union, Companion Credit Union, Alliance One Credit Union and United Community Credit Union. The Community CPS Group was three-time winner of Money magazine’s Credit Union of the Year award (2012, 2008) and Best Credit Union (2005) and winner of the Mozo People’s Choice Award for Best Credit Union (2012).