The ratings assigned to BAC International Bank Inc. (BIB) are based on those on 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 family groups control more than two-thirds of the outstanding shares. Through its subsidiary CIC, BIB maintains bank and other financial services subsidiaries in six Central American countries, of which the most important operations are in Costa
