Bahamas http://www.alacrastore.com/country-snapshot/Bahamas Thursday, July 24, 2008 4:02:57 PM en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/658642spcred/658642normThe latest Summary from S&Pglobal7/9/2008 10:23:30 AM175Summary658642BahamasDiversified BanksEmerging MarketsLatin AmericaGlobal IssuersFinancial InstitutionsSummaryStandard&Poor's Ratings Services' ratings on BAC Bahamas Bank are based on the foreign currency ratings assigned to Banco BAC San Jose S.A. BAC Bahamas is the offshore bank of BAC San Jose and mirrors the Costa Rican onshore bank. The two entities share the same client base and follow the same corporate policies, with the vast majority of business and assets originated in Costa Rica, denominated in U.S. dollars, and registered offshore. With reported assets of $476 million as of March 2008, BAC Bahamas registered 28% growth compared with the same period of 2007, following BAC San Jose's expansion. Loans represent 83% of total assets, mainly concentrated in the commercial credit portfolio of Costa Rican companies. Underwriting followsBHS40101010 401010 4010 40BAC Bahamas Bank357030EMERGINGLATAMERICA53270Z@BMSUMMARYCRI40101015 401010 4010 40Banco BAC San Jose, S.A.355454EMERGINGLATAMERICA53274Z@CRGLOBISSFICredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/643207spcred/643207normThe latest Summary from S&Pglobal4/16/2008 6:24:05 PM175Summary643207BahamasEmerging MarketsLatin AmericaGlobal IssuersSovereignsSummaryA track record of macroeconomic stability, bolstered by generally prudent fiscal policy and a steady monetary stance; Political stability and economic prosperity; and Low public sector external indebtedness. A high current account deficit (CAD) and weak external liquidity; Constrained fiscal flexibility; and An open, narrow-based economy exposed to adverse external developments. The Commonwealth of The Bahamas enjoyed robust economic growth in 2007, bolstered by significant development projects in the tourism sector. While estimated real GDP growth was revised downward to 3.1% from 4.4% for 2007, it is higher than the 2.1% average of the past five years. We expect real GDP growth of 3% in 2008 (revised downward from 4%), reflecting the ongoing negative impact of contagion from the U.S.—theBHS056732Bahamas (The Commonwealth of The)375567EMERGINGLATAMERICA7196ZSUMMARYGLOBISSSOVCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/627932spcred/627932normThe latest News from S&P1/28/2008 9:16:02 PMNews100global627932BahamasEmerging MarketsLatin AmericaGlobal IssuersSovereignsNewsNEW YORK (Standard&Poor's) Jan. 28, 2008--Standard&Poor's Ratings Services said today that it affirmed its 'A-' long-term and 'A-2' short-term sovereign credit ratings on The Commonwealth of The Bahamas and revised its outlooks on the long-term ratings to stable from positive. "The revision reflects Standard&Poor's reassessment of The Bahamas' growth and investment prospects during the next one to two years, given the country's close tourism, financial, and trade links to the slowing U.S. economy," said Standard&Poor's credit analyst Olga Kalinina. "As such, the stable outlooks point to a diminishing likelihood that Standard&Poor's will raise its ratings on The Bahamas due to an increasing risk of contagion from the U.S. economy," sheBHSBahamas (The Commonwealth of The)375567EMERGINGLATAMERICA7196ZNEWSGLOBISSSOVCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/627933spcred/627933normThe latest Research Update from S&P1/28/2008 9:16:02 PMResearch Update175global627933BahamasEmerging MarketsLatin AmericaGlobal IssuersSovereignsResearch UpdateOn Jan. 28, 2008, Standard&Poor's Ratings Services affirmed its 'A-' long-term and 'A-2' short-term sovereign credit ratings on The Commonwealth of The Bahamas and revised its outlooks on the long-term ratings to stable from positive. The revision reflects Standard&Poor's reassessment of The Bahamas' growth and investment prospects during the next one to two years, given the country's close tourism, financial, and trade links to the slowing U.S. economy. As such, the stable outlooks point to a diminishing likelihood that Standard&Poor's will raise its ratings on The Bahamas due to an increasing risk of contagion from the U.S. economy. Specifically, Standard&Poor's has revised its real GDP growth forecast on The Bahamas to 3.1%BHSBahamas (The Commonwealth of The)375567EMERGINGLATAMERICA7196ZRESUPDGLOBISSSOVCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/623654spcred/623654normThe latest Full Report from S&P1/2/2008 1:43:03 PMFull Report400global623654BahamasDiversified BanksEmerging MarketsLatin AmericaGlobal IssuersFinancial InstitutionsFull ReportInternational support Complement to Banco BAC San Jose S.A.'s business Operating in a small and nondiversified economy—Costa Rica Risks stemming from rapid loan growth The ratings assigned to BAC Bahamas Bank are based on the foreign currency ratings assigned to Banco BAC San Jose S.A. (BAC San Jose). BAC Bahamas is the offshore bank of BAC San Jose and mirrors the Costa Rican onshore bank. The two entities share the same client base and follow the same corporate policies, with the vast majority of business and assets originated in Costa Rica, denominated in U.S. dollars, and registered offshore. With reported assets of $443 million as of September 2007, BAC Bahamas registered 30% growth compared with the same period of 2006,BHS40101010 401010 4010 40BAC Bahamas Bank357030EMERGINGLATAMERICA53270Z@BMFULLPANVGBCRI40102010 401020 4010 4040101015 401010 4010 40Credomatic International Corp.Banco BAC San Jose, S.A.BAC International Bank Inc.355453355454384019LATAMERICAEMERGING53274Z@CR568258Z@PP53600Z@CRGLOBISSFICredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/623655spcred/623655normThe latest Summary from S&P1/2/2008 1:43:03 PMSummary175global623655BahamasDiversified BanksEmerging MarketsLatin AmericaGlobal IssuersFinancial InstitutionsSummaryThe ratings assigned to BAC Bahamas Bank are based on the foreign currency ratings assigned to Banco BAC San Jose S.A. (BAC San Jose). BAC Bahamas is the offshore bank of BAC San Jose and mirrors the Costa Rican onshore bank. The two entities share the same client base and follow the same corporate policies, with the vast majority of business and assets originated in Costa Rica, denominated in U.S. dollars, and registered offshore. With reported assets of $443 million as of September 2007, BAC Bahamas registered 30% growth compared with the same period of 2006, following BAC San Jose's expansion. Loans represent 80% of total assets, mainly concentrated in the commercial credit portfolio of Costa Rican companies. Underwriting followsBHS40101010 401010 4010 40BAC Bahamas Bank357030EMERGINGLATAMERICA53270Z@BMSUMMARYCRI40101015 401010 4010 40Banco BAC San Jose, S.A.355454EMERGINGLATAMERICA53274Z@CRGLOBISSFICredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/620093spcred/620093normThe latest News from S&P12/14/2007 3:49:13 PMNews100global620093BahamasDiversified BanksEmerging MarketsLatin AmericaGlobal IssuersFinancial InstitutionsNewsMEXICO CITY (Standard&Poor's) Dec. 14, 2007--Standard&Poor's Rating Services said today it affirmed its 'BB/B' foreign currency counterparty credit ratings on Nassau, Bahamas-based BAC Bahamas Bank (BAC Bahamas). The outlook is stable. "The ratings assigned to BAC Bahamas are based on the foreign currency ratings assigned to Banco BAC San Jose, S.A. (BAC San Jose)," said Standard&Poor's credit analyst Laurence Wattraint. BAC Bahamas is the offshore bank of BAC San Jose and mirrors the Costa Rican onshore bank. The two entities share the same client base and follow the same corporate policies, with the vast majority of business and assets originated in Costa Rica, denominated in U.S. dollars, and registered offshore.BHS40101010 401010 4010 40BAC Bahamas Bank357030EMERGINGLATAMERICA53270Z@BMNEWSGLOBISSFICredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/620094spcred/620094normThe latest Research Update from S&P12/14/2007 3:49:13 PMResearch Update175global620094BahamasDiversified BanksEmerging MarketsLatin AmericaGlobal IssuersFinancial InstitutionsResearch UpdateOn Dec. 14, 2007, Standard&Poor's Rating Services affirmed its 'BB/B' foreign currency counterparty credit ratings on Nassau, Bahamas-based BAC Bahamas Bank (BAC Bahamas). The outlook is stable. The ratings assigned to BAC Bahamas are based on the foreign currency ratings assigned to Banco BAC San Jose, S.A. (BAC San Jose). BAC Bahamas is the offshore bank of BAC San Jose and mirrors the Costa Rican onshore bank. The two entities share the same client base and follow the same corporate policies, with the vast majority of business and assets originated in Costa Rica, denominated in U.S. dollars, and registered offshore. With reported assets of $443 million, as of September 2007, BAC Bahamas registered 30% growth compared with theBHS40101010 401010 4010 40BAC Bahamas Bank357030EMERGINGLATAMERICA53270Z@BMRESUPDPANCRIVGB40102010 401020 4010 4040101015 401010 4010 40Credomatic International Corp.BAC International Bank Inc.Banco BAC San Jose, S.A.355453355454384019LATAMERICAEMERGING53274Z@CR568258Z@PP53600Z@CRGLOBISSFICredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/597826spcred/597826normThe latest Full Report from S&P8/23/2007 6:44:01 PMFull Report400global597826BahamasEmerging MarketsLatin AmericaGlobal IssuersSovereignsFull ReportA track record of macroeconomic stability, bolstered by generally prudent fiscal policy and steady monetary stance; Political stability and economic prosperity; and Low public sector external indebtedness. A high current account deficit (CAD) and weak external liquidity; Constrained fiscal flexibility; and An open and narrow-based economy, exposed to adverse external developments. The ratings on The Commonwealth of The Bahamas reflect its macroeconomic stability, prudent fiscal policies, and steady monetary stance. The island's currency peg to the U.S. dollar, in effect since 1973, ensures low inflation, while generally disciplined fiscal management has led to only moderate accumulation of government debt (estimated at 23% of GDP on a net basis in 2007, equal to that of the 'A' median). The Bahamas' politicalBHSBahamas (The Commonwealth of The)375567EMERGINGLATAMERICA7196ZFULLGLOBISSSOVCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/597829spcred/597829normThe latest Summary from S&P8/23/2007 6:44:01 PMSummary175global597829BahamasEmerging MarketsLatin AmericaGlobal IssuersSovereignsSummaryThe ratings on The Commonwealth of The Bahamas reflect its macroeconomic stability, prudent fiscal policies, and steady monetary stance. The island's currency peg to the U.S. dollar, in effect since 1973, ensures low inflation, while generally disciplined fiscal management has led to only moderate accumulation of government debt (estimated at 23% of GDP on a net basis in 2007, equal to that of the 'A' median). The Bahamas' political environment is stable, and its standard of living is high. Public sector external debt is low and declining. On a net basis, the public sector is a net external creditor, with net external assets at 8% of current account receipts (CAR) in 2007. This somewhat mitigates The Bahamas' growing import requirementsBHSBahamas (The Commonwealth of The)375567EMERGINGLATAMERICA7196ZSUMMARYGLOBISSSOVCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/594125spcred/594125norm8/1/2007 6:53:14 PMThe latest News from S&PNewsIMPORT SECTOR SUSTAINABLE EXPLAINED MATERIALLY SHOCKS SUPPORTING DYNAMICS RELAXATION PEG DOMESTICALLY MACROECONOMIC ENSURING PACE TRICKLE DOLLAR PILLAR ACCUMULATION BOLSTERING INFLOWS OLGA CREDITWORTHINESS TEMPORARILY WIDENING NARROWING LED OPENNESS EXTERNALLY BOOSTED FDI PICK PROJECTIONS DISCIPLINED WEATHER STARTED CONTAINED SOVEREIGN DISLOCATED EMERGE GAPS BAHAMIAN KALININA VULNERABLE SIGNS SMALLNESS EXTERNALITIES RECEIPTS WORSENING ENSURES WIDERNEW YORK (Standard&Poor's) Aug. 1, 2007--Standard&Poor's Ratings Services said today that it revised its outlook on its long-term sovereign credit rating on The Commonwealth of The Bahamas to positive from stable. Standard&Poor's also affirmed its 'A-' long- and 'A-2' short-term sovereign credit ratings on The Bahamas. According to Standard&Poor's credit analyst Olga Kalinina, the ratings reflect the Bahamas' macroeconomic stability, prudent fiscal policies, and steady monetary stance. "The island's currency peg to the U.S. dollar, in effect since 1973, ensures low inflation, while generally disciplined fiscal management has led to only moderate accumulation of government debt," said Mrs. Kalinina. "The Bahamas' political environment is stable, and its standard of living is high.Bahamas (The Commonwealth of The)15101050 151010 1510 15BHSglobal100.00375567594125Credit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/594126spcred/594126norm8/1/2007 6:53:14 PMThe latest Research Update from S&PResearch UpdateIMPORT SECTOR SUSTAINABLE CONTROLS MATERIALLY SHOCKS SUPPORTING DYNAMICS RELAXATION SKILLED PEG DOMESTICALLY MACROECONOMIC PRESENTS ENSURING PACE TRICKLE RISING DOLLAR PILLAR ACCUMULATION CREDITOR BOLSTERING NARROW INFLOWS CREDITWORTHINESS TEMPORARILY WIDENING NARROWING LED OPENNESS EXTERNALLY BOOSTED CONVERTIBILITY FDI PICK POSED STRAINS PHYSICAL DECISIVE PROJECTIONS DISCIPLINED TEMPORARY WEATHER TRADE STARTED CONTAINED TRANSPARENT SOVEREIGN DISLOCATED EMERGE DUTIES GAPS SOCIAL BAHAMIAN LINKS VULNERABLE SIGNS SMALLNESS EXTERNALITIES RECEIPTS WORSENING AGENDA ENSURES WIDEROn Aug. 1, 2007, Standard&Poor's Rating Services revised its outlook on its long-term sovereign credit rating on The Commonwealth of The Bahamas to positive from stable. Standard&Poor's also affirmed its 'A-' long- and 'A-2' short-term sovereign credit ratings on The Bahamas. The ratings on The Commonwealth of The Bahamas reflect its macroeconomic stability, prudent fiscal policies, and steady monetary stance. The island's currency peg to the U.S. dollar, in effect since 1973, ensures low inflation, while generally disciplined fiscal management has led to only moderate accumulation of government debt (estimated at 25% of GDP on a net basis in 2007, equal to that of the 'A' median). The Bahamas' political environment is stable, and its standardBahamas (The Commonwealth of The)15101050 151010 1510 15BHSglobal100.00375567594126Credit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/589014spcred/589014norm7/5/2007 2:29:05 PMThe latest Summary from S&PSummaryREST PERFORM COLON POSES SHORE DEVALUATION DOLLARS DOLLAR DEPOSITS MANNER OFFSHORE THINGS OPENNESS ONSHORE MIRRORS BANKING EXPOSED FRACTIONAL INJECTION THANKS CLIENT BAC DOLLARIZATION REGULATED SOVEREIGN ADEQUATELY BAHAMIAN RICAN CONTINGENCY GRANTED ROA SUPERVISINGThe ratings assigned to BAC Bahamas Bank are based on the foreign currency ratings assigned to Banco BAC San Jose S.A. BAC Bahamas is the offshore bank of BAC San JosT and mirrors the Costa Rican onshore bank. The two entities share the same client base, and follow the same corporate policies, with the vast majority of business and assets originated in Costa Rica, denominated in U.S. dollars, and registered offshore. The outlook is stable. As of March 2007, BAC Bahamas had reported assets of $372 million, the majority of which was represented by loans granted to Costa Rican companies, and the rest represented mainly cash and securities. Loans and deposits are originated in Costa Rica, following BAC San JosT'sBAC Bahamas Bank40101010 401010 4010 40BHSglobal100.00357030589014Credit & Investment ResearchS&P Credit Research