On Sept 23, 2008, Standard&Poor's Ratings Services affirmed its 'BBB/A-2' counterparty credit ratings on BAC International Bank Inc. (BIB). The outlook is stable. The ratings affirmation reflects the group's adequate liquidity policies, geographic diversification in Central America, capable management team, ongoing highly profitable business, and sound risk management. The ratings on BIB are also based on those on Credomatic International Corp. (CIC; BBB/Stable/A-2), its main subsidiary. CIC accounts for most of BIB's assets, loan portfolio, and profits. BIB is incorporated in Panama, with two main wholly owned subsidiaries, BAC International Bank (Grand Cayman) and CIC. General Electric Capital Corp. (GECC; AAA/Stable/A-1+) owns a 49.99% stake in BIB. The ratings consider a limited degree of financial support from GECC
