On Sept. 21, 2005, Standard&Poor's Ratings Services removed its 'BBB-/A-3' counterparty credit ratings on BAC International Bank Inc. (BIB) and Credomatic International Corp. (CIC) from CreditWatch, where they were placed with positive implications on May 12, 2005. The ratings were affirmed, and the outlook is stable. The rating affirmation follows our review of General Electric Capital Corp.'s (GE Capital; AAA/Stable/A-1+) investment in a 49.99% stake of BIB, announced in May 2005. We have reviewed the conditions of the announced transaction and analyzed the tangible and future effects of this investment on the companies' operational and financial profiles. We believe that although improvements in corporate governance and processes and procedures are expected from GE Capital's future involvement, rating fundamentals
