Following a review of BAC International Bank Inc. under Standard&Poor's revised bank criteria (published on Nov. 9, 2011), we have affirmed the global ratings on the bank at 'BBB-/A-3'. The outlook is stable. The ratings reflect the bank's core status to Banco de Bogotá (BBB-/Stable/A-3), the main subsidiary of Grupo Aval Acciones y Valores S.A. y Subsidiarias; adequate business and risk positions, capital and earnings, and liquidity; and average funding, similar to other Panamanian and Latin American banks. We expect the bank to maintain its good performance, presence in Central America, and strong loss experience. As we previously announced, on Dec. 8, 2011, Standard&Poor's Ratings Services affirmed its issuer credit ratings on Panama-based BAC International Bank
