The Greater has been assigned a 'BBB+/Stable/A-2' rating. This is the first time that the Greater has sought a credit rating. The credit rating agency has determined the outlook for the building society to be 'stable'.

Greater Building Society customers will benefit from the favourable credit rating provided by Standard and Poor's according to chief executive John Arnold. The Greater has been assigned a 'BBB+/Stable/A-2' rating. This is the first time that the Greater has sought a credit rating. The credit rating agency has determined the outlook for the building society to be 'stable'. The rating reflects the society's low risk credit appetite combined with a focus on the residential mortgage sector of New South Wales and the South Eastern corner of Queensland.

Mr Arnold says that the rating will enable the Greater to access wholesale funds at lower costs, enabling it to continue to offer competitive rates to its members.

He says the Greater's low credit risk, supported by its conservative lending standards, its solid and stable earnings profile, as well as its sound capital adequacy were some of the reasons given for the favourable rating. The stable outlook was due to the Greater's financial strength and its disciplined, quality-focused growth strategy.

Mr Arnold says that while the Greater's modest market position in the Australian residential mortgage market was a moderating factor, Standard & Poor's noted the Greater has "a defendable niche position within its principal market in New South Wales - the Hunter Valley."