Standard&Poor's Ratings Services' ratings on BAC International Bank Inc. (BIB) reflect its competitive position within Central America, its good profitability, conservative liquidity position, and capable management. BIB's strategic importance to its parent, General Electric Capital Corp. (GECC), which owns 75% of the bank, also supports the ratings. The ratings on BIB are also based on our ratings on Credomatic International Corp. (CIC; BBB/Stable/A-2), its main subsidiary, which accounts for 86% of BIB's assets. BIB is incorporated in Panama, with two main wholly owned subsidiaries, BAC International Bank (Grand Cayman) and CIC. The ratings are constrained by the bank's exposure to sovereigns with non-investment-grade ratings and a pressured adjusted capital ratio. The ratings also reflect the bank's focused business
