The drift of Australian mutuals to an improved credit plane lifted Greater Building Society along with it on Friday, with an upgrade to Greater's S&P credit rating.Standard & Poor's raised its long-term issuer credit rating on Greater to BBB+ from BBB. S&P affirmed the short-term rating at A-2."At the same time we have revised the outlook to stable, from positive," S&P said."In our opinion, GBS's risk position has improved. As such, we have raised the building society's stand-alone credit profile (SACP) to bbb+ from bbb."S&P wrote cautiously on the work ahead of Greater Building Society."We regard the building society as having sufficient oversight of the operational risks associated with the organisational and core banking changes, and are more concerned with the new management's ability to successfully meet the needs of customers going forward," S&P said."We consider these enhancements to be 'low hanging fruit' that are likely to only close the competitive disparity rather than grant a competitive advantage, although we recognize that the new CEO's strategy may evolve over time. "Therefore, we consider the raising of the risk position to be appropriate while closely monitoring developments in business position."