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BACInternationalBankInc.

PrimaryCreditAnalyst:

RicardoGrisi,MexicoCity (52)55-5081-4494;ricar do.grisi@spglobal.com

SecondaryContact:

JesusSotomayor ,MexicoCity(52)55-5081-4486;jesus.sotomayor@spglobal.com

TableOfContents

MajorR atingFactors

Outlook

Rationale

RelatedCriteria WWW.STANDARDANDPOORS.COM/RATINGSDIRECTMAY 7, 2020 1

BACInternationalBankInc.

SACPbbb-

Anchorbb+

Business

PositionStrong+1

Capitaland

EarningsModerate0

RiskP ositionAdequate0

FundingAverage

0

LiquidityAdequate

+Support0 ALAC

Support0

GRESuppor t0

Group

Support0

Sovereign

Support0

Additional

Factors-1

IssuerCr editRating

BB+/Stable/B

MajorR atingFactors

Strengths:Weaknesses:

·BACInternationalBankInc.'s (BIB)mainstrengths

stemfr omitsfundingstructurethat leansona stable andpulverized depositbase withmanageable short-termfinancialobligations.

·Leadpla yerinconsumerlendingandthelargest

financialconglomerate inCentralAmerica; and ·Highlydiversified bygeography,economicsector , andclient, allowingus toratethebankabo vethe sovereignratingonCosta Rica(B+/Negative/B), to whichitishighl yexposed.

·Recenteconomic strugglesrelated totheCOVID-19

pandemic,coupledwiththe historicalpolitical vulnerabilitywithintheregion couldrepresent a challengef orthebank'sprofitability andasset qualitymetrics .

·Largeexposure toconsumersegment could

representadditionalpressureson assetquality metricsduring thepandemic.

·Ourcur rentmoderatecapitalandearnings

assessmentincor poratestheregion'shigheconomic risks.WWW.STANDARDANDPOORS.COM/RATINGSDIRECTMAY 7, 2020 2

Outlook:Stab le

Thesta bleoutlookonBIBandits subsidiaryCredomatic InternationalCor p.(CIC) continuetoref lectthaton the

parentBanco deBogotá (BdeB;BB+/Stable/B). Theoutlookalsoreflectsour expectationthatBIB willmaintainits

strongpresenceandleader shipinCentral Americainter msofloansanddeposits overthe next12months .

Additionally,webelievethatits profitableoperationsandits largegeog raphicdiver sificationwillhelp tomaintain

itsbusiness stability, despitetheglobaleconomicturmoildrivenb ytheCO VID-19pandemic. Weexpect BIBand

CICto keep theircorestatustoBdeBinthefuture. BIB,on aconsolidatedbasis ,continuesto accountfor alarge

amountof itsparent'sear ningsandcapital, andtheg roupcontinuestoviewit asafundamental subsidiaryf orits

futurestrateg y.Thus,theratingsonBIBand CICwillmoveintandem withthoseon theparent.

Downsidescenario

Wecouldlow ertherating onBIBandCICoverthenext12 monthsifw edowng radetheirparent.

Upsidescenar io

Therating onBdeBconstrains theratingson BIBandCIC ,andthe ratingsonthe bankandCIC willlikel ymove in

tandemwith thoseonthe parent.Ifw erevisethe outlookonthe parenttopositi veorraise theratings,wew ould

takeasimilaraction onBIBand CIC.

Rationale

Ourratings onBIBand CICreflect ourexpectationsthat thebankand itssubsidiary willmaintaintheirresilienceand

businesssta bilitydespitethemarket andglobaleconomic turmoilcaused byCOVID-19.ThisisthankstoBIB's leading

marketpositioninCentralAmericaon aconsolidatedbasis anditssound businessstability ,supported bya large,

stickyandwell-di versifiedcustomer base.Theratingsalsoreflectourprojectedrisk-adjustedcapital (RAC)ratio of

6.85%,on average, overthenexttwoyears ,underpinnedbyconstant internalcapital generationanda conservative

dividendpayout policy.Moreover,weexpectits manageableassetqualitymetricsand itshighlydiversifiedloan

portfolio(bylocationandsector) willsupportourriskposition assessmentdespitethe morevulnerable andweak er

operationalen vironmentin2020.Finally,BIB'smain strengthsstemfr omitsfunding structurethatissupportedbya

stableandpulverizedde positbasewith manageableshor t-termfinancialobligations. Anchor:'bb+'onweightedav erage economicrisksforcountr ieswhereBIBoperatesandPanama's industryrisk

Ourbank criteriauseour BankingIndustry CountryRisk Assessment(BICRA)economic andindustry riskscoresto

determineabank'sanchor ,thestar tingpointin assigninganissuercreditrating. Wescore aBICRAonascalefr om1

to10, rangingfrom thelow est-riskbankingsystems(group '1')tothe highest-risk(group'10').Theanchorfor BIBis

'bb+'.

The'bb+' anchordraws onourview oftheexpectedweighteda verageeconomicrisk inthecountries inwhich BIBhas

exposurethr oughitsloanbook:CostaRica (28%),Panama (24%),Guatemala(20%), Honduras(12%),El Salvador

(11%),and Nicaragua(5%),as ofDecember2019. Asaresult, theweighted economicriskr oundsto'7'. Thecommon

factordri vingthiseconomicriskscoreis lowincome inthecountries wherethe bankoperates, whichaf fectstheWWW.STANDARDANDPOORS.COM/RATINGSDIRECTMAY 7, 2020 3

BAC International Bank Inc.

countries'vulnera bilitytoexternalshocks, anddebt andpaymentcapacityincountries withweakruleof law.

ForBIB'sindustry riskscore, weusePanama's'5' score.P anamadoesnothavea centralbankorformal lenderoflast

resort,oranef fectivede positinsurancesystem tosupportdistressedfinancialinstitutions.To addresstheeconomic

impactof COVID-19,the SuperintendencyofBanksallowed bankstouse theaccumulated dynamicpro visioning

(aboutUS$1.3billion,or 2%ofGDP)to absorbthe impactofcredit losses.It alsoallow edbanksto undertakevoluntary

loanrestr ucturingwithtroubledborr ower s.Finally,the governmenthassuccessfullyusedpublic-ownedbank,Banco

Nacionalde Panama(BNP), asthevehicletopro videadequateliquidity tothebanking systemandunder stressful

conditions.Ontheother hand,thecountr y'sfinancialsystem regulationcontinuesto improve ,reducingthe gapwith

internationalregulators, althoughimplementationchallengesremain.In2019,FATF placedPanama backonits "grey"

listof countriesfor legalandregulator yshortcomingsrelatedtoinsuf ficientpreventative measuresagainstmoney

launderingand financingterr orism.Panama's missingrecommendationsareprimarilyoutsidethePanamanian

financialsector ,limitingthepossibilityofa significantimpacton thefinancialsystem. Thesefactors ,alongwith the

regulator'sef fortstostrengthenthebankingsystem'sinstitutionalframework, shouldallow market confidenceto

remainunaf fectedsofar,inour view.

Table1

BACInternationalBankInc.Key Figures

--Year-endedDec.31-- (Mil.$) 20192018201720162015 Adjustedassets 23,575.322,383.721,640.119,658.718,331.3 Customerloans (gross) 16,788.016,195.415,481.714,315.913,108.3 Adjustedcommon equity2,531.42,323.72,250.41,984.51,848.7 Operatingrevenues 2,135.62,079.11,912.41,776.11,592.5 Noninterestexpenses 1,199.11,128.01,058.11,019.8953.0

Coreear nings410.5405.3376.0360.2319.9

Businessposition: Adequatere venuedi versificationandbusinessstabilitydespitemorevulnera ble operatingconditions Despitethe bleakmark etandeconomic conditionsbecauseoftheturmoilcausedby COVID-19,w eexpectBIB's

soundmar ketshare,amplerevenuediversification, andhistoricallystableoperating revenuetosuppor touro verall

businessposition assessmentundercur rentcircumstances.

BIBmaintains itsleadingposition inCentralAmerica, aswell asitssolid businessdiver sificationby geograph y,

segment,and client.Thebank hasregionalmar ketshares of9.3%in totalassets, 10.2%inloans ,and9.5%indeposits,

andis oneofthe fivelargest banksineach countryit operatesinasofyear -end2019.This hasresultedin historical

revenuesta bility,withatotaloperatingrevenuescompoundannual gro wthrateof 6.3%inthe lastthreefiscal years .

Althoughw eexpectoperatingrevenuegr owthrate tocontractthis year, webelieveBIB'sstickycustomerbaseand

largebusiness linesshouldhelp thebankto surpassthe regionaleconomiccontraction, andtogenerate positive

bottom-lineresults during2020. Finally,webelieveBIBbenefits fromastrongmanagement teamthathas ampleexperiencewithin theCentral

Americanbanking industry, andhasbeenverysuccessfulwiththeg roup'sbusiness gro wthstrategy .ThelatterhasWWW.STANDARDANDPOORS.COM/RATINGSDIRECTMAY 7, 2020 4

BAC International Bank Inc.

enhancedits regionalpresenceand helpedito vercomeadverse economicconditionsin thepast.Overall, webelieve

BIBhas amoreadv antageouspositioncompared tosmallerregional peers. Chart1WWW.STANDARDANDPOORS.COM/RATINGSDIRECTMAY 7, 2020 5

BAC International Bank Inc.

Chart2

Table2

BACInternationalBankInc.Business Position

--Year-endedDec.31-- (%)20192018201720162015 Totalrevenuesfrom businessline(cur rencyinmillions)2,135.62,082.61,907.01,755.31,592.5 Commercial& retailbanking/totalrevenues frombusiness lineN/A89.6N/AN/AN/A Tradingandsalesincome/total revenuesfrom businessline4.67.96.26.45.5 Otherrevenues/total revenuesfrom businessline2.62.52.01.12.1 Investmentbanking/totalrevenuesfr ombusinessline 4.67.96.26.45.5

Returnonaverage commonequity14.615.215.015.015.2

N/A--Notapplica ble.

Capitalandearnings: Aver ageRACratio of6.85%overthenext18to24months

Weexpectlow erbusinessv olumesandassetqualitydeteriorationtodragdown BIB'sprofita bility,andconsequently,

ourpr ojectedRACratiofor 2020and2021.However ,current capitalizationlevelsandmanageableasset quality

indicatorsreflectsthe bank'scapacitytowithstandCOVID-19's globaldisruption withoutaffecting ouroverall capital

andear ningsassessment,atleastfor thenext12 months.WWW.STANDARDANDPOORS.COM/RATINGSDIRECTMAY 7, 2020 6

BAC International Bank Inc.

OurRA Cforecastconsidersthe followingassumptions:

•Central Americaneconomiesto contractasf ollowsduring 2020:CostaRica: -2.6%;Guatemala:-3.7%; Honduras

-2.5%;El Salvador:-4.5%, andPanamá-2.0%. •Modest singledigitloan portfolio gro wthratesf or2020and2021;

•Lo wernetinterestmarginsbecauseweexpect thehighly competitiveen vironmentalong withhighereconomic risks

inthe regionwillcontinue pressuringlendingprices andfundingcosts .

•Lo werprofitabilitylevels,between 0.5%and1.0%,resultingfromhighernewloan lossprovisionsandlo wer

businessv olume.

•Nonperf ormingassets(NPAs)andcreditlossesa bovethe historicalaverageduetothe economiclockdown and

regionalGDP contraction,butstill manageableand fullyco veredby reserves. Wecontinuetosee ahighquality ofcapital,based onBIB'sa bsenceofh ybridcapitalinstr uments,but most

importantlyduetothesoundand resilientqualityof earningsthat provides sufficientfinancial flexibilityto passour

sovereignstresstestf orits28% exposureinCosta Rica.

Moreover,thebank'sadequatecost-incomeratio supportsits qualityofear nings.This ratiowas 56.15%asof year-end

2019,somew hatimprovedfrom previousyears.Furthermore, netinterestincomeaccountsfor about61% oftotal

revenues,feesfor 32%,andtrading for5%.Weexpect thismixto remainthesame overthe nexttwoyears .We

believethese factorswill continuetosupportouro verallcapitaland earningsassessment despitetheexpected

pressureson itscapitalmetrics . Chart3WWW.STANDARDANDPOORS.COM/RATINGSDIRECTMAY 7, 2020 7

BAC International Bank Inc.

Table3

BACInternationalBankInc.Ca pitalAndEarnings

--Year-endedDec.31-- (%)20192018201720162015

Tier1 capitalratio11.511.811.811.013.5

S&PGlobal Ratings'RA Cratiobeforediver sificationN/A6.46.56.2N/A S&PGlobal Ratings'RA Cratioafterdiversification N/A5.45.45.3N/A Adjustedcommon equity/totaladjustedcapital 100.0100.0100.0100.0100.0 Netinterest income/operatingrevenues60.658.560.060.261.6 Noninterestexpenses/operating revenues56.154.355.357.459.8

Coreear nings/averagemanagedassets1.81.81.81.91.8

N/A--Notapplica ble.

Riskposition: Assetqualityand creditlosses atmanagea blele velsinspiteofeconomic contraction

CentralAmerica's economicslow downand theuncertaintyaboutthegovernment'scapacitiesandeconomic policies

todeal withtheCO VID-19pandemiccould widenBIB'scredit losses.However, webelieve historicallypr udent

underwritingstandar dsandthehighlydi versifiedloan portfolio bycountry,segment, andclientwillsupportasset

qualityand ouroverall riskpositionassessment. Itsloan portfolio asofDecember2019consistedof43%inthe commercialsegment,20% inresidentialcommercial mortgageloans,and 37%inconsumerloans.W enotethat sectorshighl yvulnerable totheimpact oftheCOVID-19

pandemicsuch astourism,restaurants ,entertainment, construction,and transportation,amongothers, representless

than5% ofthebank's totalconsolidatedloan portfolio .

Moreover,intermsofsingle exposures,BIB's top20largestloansrepresented only7.3% ofitstotal loanportfolioand

48.4%of itstotaladjusted capital.Thelatter reflectsthe bank'slargef ocusonretail initscredit operations,k eepingits

loanpor tfoliorelativelypulverized.

Assetquality hasremainedsta bleandhealth ybecauseof thebank'sadequateoriginationpoliciesand expansion

strategyinsegmentsw hereit'shistoricall yoperated.NP Asandcreditlosseswere 1.68%and2.15%, respectively,asof

Dec.31,2019.On aconsolidatedbasis ,BIBstill hasmanageable assetqualitymetrics andwe expectthattocontinue

inthe next12months ,despitethe expecteddeteriorationduring 2020thatcoulddoubletheNP Asamount.

Finally,weexpectBIBto participateinthemoratoriumpr ograms accordingto eachcountry's policiesandregulatory

frameworks,butwealsoexpectthebank tostart generatingnewloanlossreserves inorder tomaintainhealth y

reservecoveragef orpotentialcreditlossesafterthis period.WWW.STANDARDANDPOORS.COM/RATINGSDIRECTMAY 7, 2020 8

BAC International Bank Inc.

Chart4WWW.STANDARDANDPOORS.COM/RATINGSDIRECTMAY 7, 2020 9

BAC International Bank Inc.

Chart5

Table4

BACInternationalBankInc.Risk Position

--Year-endedDec.31-- (%)20192018201720162015

Growthincustomerloans3.74.68.19.213.1

Totaldiversification adjustment/S&PGlobalRatings'RWAbefore diversification N/A18.519.016.5N/A Totalmanagedassets/adjustedcommon equity(x)9.59.89.810.110.1 Newloan losspro visions/averagecustomer loans2.32.42.11.91.6 Netcharge-of fs/averagecustomerloans2.22.01.81.51.5 Grossnonperforming assets/customerloans+otherrealestateowned1.71.41.31.41.3 Loanloss reserves/gr ossnonperformingassets198.9229.2141.4124.1120.8

N/A--Notapplica ble.

Fundingand liquidity:Highlysta blefunding basethatpr ovidesfinancialflexibilityunderstressful conditions

Keyfactor stoconsiderundertighteningfinancing conditionsanda stalledeconomy areliquidityneeds andfunding

flexibility.WebelieveBIBenjo ysafavorable positionwithits largeandhighl ypulverizeddepositbase. Thebankalso

hasmaintained verymanagea bleshort-termwholesale obligationsgiventhatitfunds mostofitsoperationswithWWW.STANDARDANDPOORS.COM/RATINGSDIRECTMAY 7, 2020 10

BAC International Bank Inc.

customerde posits.AsofApril21(latestinf ormationpr ovidedb yissuer),corecustomerdeposits hadincreased4%

from2019year -endfigures. ThisreflectsBIB'ssolidbrandrecognitionand reputationinCentralAmerica,w hich

providesadditionalstrengthandfinancialf lexibilityunderthe fly-to-quality conditions.In thissense, despitethe

adverseenvironment, weexpectBIBtomaintainitssolidde positbase,manageableliquidity needs,and satisfactory

financialf lexibilityfor2020.

Inter msofliquidity,BIB'sliquidity levelsaremore thanenoughtocoverits operations.As oftheend of2019,its

liquidityratio was8.28x withathree-yearaverage of7.7x.Although itsliquidityco verageratiois significantlyhigher

thanthose ofotherbanking systemsinCentral America(andhigher thanotherbanks acrossLatin America),we

believethis isapr udentapproach, mainlybecause someofitssecurityholdingsare instrumentsthattradeinthe local

andundeveloped capitalmark et,which lacksadeepanddevelopedsecondarymar ketthatcouldpro videliquidity underadver seconditions.

Chart6

Table5

BACInternationalBankInc.Funding AndLiquidity

--Year-endedDec.31-- (%)20192018201720162015

Corede posits/fundingbase86.581.580.477.877.6

Customerloans (net)/customerdeposits 94.699.8101.7106.7104.9

Broadliquidassets/short-ter mwholesale funding(x)8.37.67.36.37.8WWW.STANDARDANDPOORS.COM/RATINGSDIRECTMAY 7, 2020 11

BAC International Bank Inc.

Table5

BACInternationalBankInc.Funding AndLiquidity(cont.) --Year-endedDec.31-- (%)20192018201720162015 Short-termwholesalefunding/totalwholesale funding23.018.017.015.912.9

Support:Coresubsidiaryforpar ent

Wecontinuetoview BIBandCIC ascoreentities forBdeB .Amongother things,BIB operatesinthe samebusiness

linesas itsparentand isclosely linkedto BdeB'sreputation andriskmanagement. BIBhaskeptits performanceinline

withthe group's expectations.Asoftheendof2019,BIB (onaconsolidatedbasis,including CIC)accountedf or44%of

BdeB'stotal reported equity,45%oftotalassets,and44% oftotalnetincome.W ebelievethat anypotential financial

stressat theparentlevel wouldlik elyaf fectBIB'sstand-alone creditprofile(SACP).The relativelyweakerparentcould

potentiallydivert assetsfromthesubsidiaryorburden itwithlia bilitiesduringfinancialstressthatcould resultinm uch

lessf lexibilityforBIB'sdebt andcapitalraising.Inthat sense,the ratingsonBdeBwillcontinueto limittheratings on

BIBand consequentlyon CIC.

RelatedCriteria

GeneralCriteria: HybridCapital:Methodolo gyAnd Assumptions,Jul y1,2019 GeneralCriteria: GroupR atingMethodology,Jul y1,2019 Criteria- FinancialInstitutions- General:Risk-AdjustedCapital Framewor kMethodolog y,Jul y20,2017 GeneralCriteria: Methodology ForLinkingLong-TermAndShort-T ermRatings,A pril7,2017 GeneralCriteria: GroupR atingMethodology,No v.19,2013

GeneralCriteria: RatingsAbo veTheSovereign--CorporateAnd GovernmentRatings:Methodolo gyAnd Assumptions,

Nov.19,2013

Criteria- FinancialInstitutions- Banks:Quantitative MetricsFor RatingBanks Globally:Methodolo gyAnd

Assumptions,July17, 2013

Criteria- FinancialInstitutions- Banks:Banks:R atingMethodolog yAndAssumptions ,Nov .9,2011

Criteria- FinancialInstitutions- Banks:BankingIndustr yCountry RiskAssessmentMethodolo gyAnd Assumptions,

Nov.9,2011

GeneralCriteria: UseOfCreditW atchAndOutlooks ,Sept. 14,2009WWW.STANDARDANDPOORS.COM/RATINGSDIRECTMAY 7, 2020 12

BAC International Bank Inc.

AnchorMatrix

Industry

Risk

EconomicRisk

12345678910

1aaa-bbb+bbb+bbb----

2aa-a-bbb+bbbbbbbbb----

3a-a-bbb+bbb+bbbbbb-bbb-bb+--

4bbb+bbb+bbb+bbbbbbbbb-bb+bbbb-

5bbb+bbbbbbbbbbbb-bbb-bb+bbbb-b+

6bbbbbbbbb-bbb-bbb-bb+bbbbbb-b+

7-bbb-bbb-bb+bb+bbbbbb-b+b+

8--bb+bbbbbbbb-bb-b+b

9---bbbb-bb-b+b+b+b

10----b+b+b+bbb-

RatingsDetail(AsOf May7,2020)*

BACInternationalBankInc.

IssuerCredit RatingBB+/Sta ble/B

IssuerCr editRatingsHistory

12-Dec-2017BB+/Sta ble/B

28-Jul-2016BBB-/Negati ve/A-3

26-Feb-2016BBB-/WatchNeg/A-3

17-Feb-2016BBB-/Negative/A-3

SovereignRating

PanamaBBB+/Negative/A-2

RelatedEntities

Bancode BogotaS.A. ySubsidiarias

IssuerCredit RatingBB+/Sta ble/B

SeniorUnsecured BB+

CredomaticInternationalCor p.

IssuerCredit RatingBB+/Sta ble/B

*Unlessotherwise noted,allratings inthisre portare globalscaleratings .S&PGlobal Ratings'credit ratingsontheglobalscalearecomparable

acrosscountries.S&P GlobalRatings'creditratingson anationalscale arerelative toobligorsorobligationswithin thatspecificcountr y.Issue and

debtratingscouldinclude debtguaranteed byanother entity,and rateddebtthatanentity guarantees.WWW.STANDARDANDPOORS.COM/RATINGSDIRECTMAY 7, 2020 13

BAC International Bank Inc.

WWW.STANDARDANDPOORS.COM/RATINGSDIRECTMAY 7, 2020 14

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