The ratings assigned to BAC International Bank Inc. (BIB) are based on those on Credomatic International Corp. (CIC; BBB/Stable/A-2), which is its main subsidiary and represents most of its assets, loan portfolio, and profits. BIB is a bank incorporated in Panama with two principal wholly owned subsidiaries, BAC International Bank (Grand Cayman) and CIC. BIB is 100% owned by a holding company (BAC International Corp.), which itself is ultimately owned by a group of more than 500 stockholders who own 50.01%, and General Electric Capital Corp. (GE Capital; AAA/Stable/A-1+), which has a 49.99% stake in the bank. Through its subsidiaries, BIB maintains bank and other financial services subsidiaries in six Central American countries, of which the most relevant operations are
