On May 12, 2005, Standard&Poor's Ratings Services placed its 'BBB-/A-3' counterparty credit ratings on BAC International Bank Inc. (BIB) and Credomatic International Corp. (CIC) on CreditWatch Positive following the announcement that General Electric Capital Corp. (GE Capital; AAA/Stable/A-1+) and BIB have entered into an agreement that will likely result in the sale of a 49.99% stake of the bank to GE Capital. On May 5, 2005, GE Consumer Finance, a division of GE Capital and BIB, a banking institution incorporated in Panama that consolidates all the banking and credit card operations of the BAC Credomatic group in Central America including those of CIC, signed an agreement in which a subsidiary of GE Capital will acquire 49.99% of shares
