On Dec. 21, 2006, Standard&Poor's Ratings Services raised its counterparty credit and CD ratings on BAC International Bank Inc. (BIB) and on BIB's subsidiary, Credomatic International Corp. (CIC), to 'BBB/A-2' from 'BBB-/A-3'. The rating outlook is stable for both institutions. The upgrade reflects our reassessment of the strategic importance of BIB to its 49.99% owner, General Electric Capital Corp. (GECC; AAA/Stable/A-1+), as a result of which we are now imputing a limited degree of financial support from GECC to BIB, in the unlikely event this is required. The strategic importance of BIB to GECC is reflected in the close involvement of GECC in BIB's operations, since GECC made its initial investment in May 2005. This includes implementation of
