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. The ratings on BIB are also based on our ratings on Credomatic International Corp. (CIC), its main subsidiary, which accounts for 87% of BIB's assets as of September 2010 and is strategically important to Banco de Bogota S.A., its owner. BIB is incorporated in Panama, with two main wholly owned subsidiaries, BAC International Bank Inc. (Grand Cayman) and CIC. The bank's exposure to speculative-grade sovereigns constrains the ratings. The ratings on BIB are directly related to the ratings on CIC. Even though the ratings on CIC are on a stand-alone basis, we
