Standard&Poor's Ratings Services' ratings on BAC International Bank Inc. (BIB) reflect its competitive position in Central America, good profitability, conservative liquidity position, and capable management. The ratings on BIB are also based on our ratings on Credomatic International Corp. (CIC; BBB-/Stable/A-3), its main subsidiary, which accounts for 86% of BIB's assets as of June 2011 and is strategically important to its owner, Banco de Bogotá S.A. y Subsidiarias (BdB; not rated). BIB is incorporated in Panama, with two main wholly owned subsidiaries, BAC International Bank Inc. (Grand Cayman) (not rated) and CIC. However, the bank's exposure to speculative-grade sovereigns constrains the ratings. The ratings on BIB are directly related to those on CIC. Even though we rate CIC
