I didn't write an faq for nothing...
But yes, and sometimes (I believe the very first time on Hardtype) when you summon Bahamut he counters with Flare.
Rosa= Healing.
Edge= Throwing.
Cecil= Attacking.
Rydia might just die at lower levels, don't bother reviving her if she isn't strong enough to do anything. Cain can use items or something if Rosa dies/runs out of MP. Rosa should be healing. Nonstop. While Holy does supreme damage, you might not even have it, and he'll counter with Tornado/Weak which isn't good after a Big Bang. Don't bother with Haste or Berserk, as he'll just nullify those effects.
Good luck, and if you still can't win, level up more. If you're in the 60s, there shouldn't be a problem. If you're playing the GBA version...then you just shouldn't have a problem.