Standard & Poor's said it had raised its long-term issuer credit rating on Credit Union Australia to BBB+, from BBB. S&P revised the outlook on the rating from stable to positive. S&P said the rating upgrade reflected a "revised assessment of CUA's risk position to 'adequate' from 'moderate'", and cited "the good progress the credit union has made with its overall risk-management capability."One aspect of that progress concerns basic operations. Brisbane's January 2011 flood effectively knocked CUA's branches and internet banking services offline for a day and half, forcing the credit union to scramble to invest in a new data centre and a new back-up data centre sited in higher and dryer locations. The credit ratings agency also noted "CUA's successful progression of its core banking system upgrade."CUA's transition to the new Bancs system - licensed from TCS - will largely occur next year. The credit union spent around A$15 million in development over the year to June 2012.CUA reported a net profit of $50.1 million for the year to June, down 6.1 per cent on the previous year. CUA put its underlying profit at $48.1 million, up 4.1 per cent on the previous year.