On Feb. 25, 2016, we lowered our long-term foreign and local currency sovereign credit ratings on the Republic of Costa Rica to 'BB-' from 'BB' and affirmed our short-term local currency sovereign credit rating at 'B'. The outlook is negative. We are placing our 'BBB-' long-term and 'A-3' short-term issuer credit ratings on BAC International Bank Inc. (BIB) and on its core subsidiary, British Virgin Islands-based Credomatic International Corp. (Credomatic) on CreditWatch with negative implications. The CreditWatch placement stems from the exposure BIB has, on a consolidated basis, to Costa Rica in its loan book (about 25% of its business is done there). Currently we still rate BIB above the ratings on Costa Rica since it has successfully passed our
