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-/Watch Pos/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. On May 12, 2005, Standard & Poor's Ratings Services placed its counterparty credit ratings on BIB and CIC on CreditWatch Positive following the announcement that
