NEW YORK (Standard & Poor's) Dec. 2, 2004--Standard & Poor's Ratings Services said today that it assigned its 'BBB-/A-3' local and foreign currency counterparty credit and senior unsecured debt ratings to BAC International Bank Inc. (BIB). The outlook is stable. The ratings assigned to BIB are based on those of Credomatic International Corp. (CIC), which is its main subsidiary, representing 90% of its assets and loan portfolio, and 97% of its profits. BIB is a bank incorporated in Panama with two principal wholly owned subsidiaries, BAC International Bank (Grand Cayman) and CIC (BBB-/Stable/A-3). BIB is 95% owned by a holding company (BAC International Corp.), which itself is ultimately owned by a group of more than 500 stockholders, of which four
