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IBCA, Ltd was the third largest international rating agency in the world after Standard & Poors and Moody''s. In line with the globalization of capital markets, IBCA broadened its worldwide coverage by opening wholly-owned offices and establishing affiliates with rating agencies in Brazil, Chile, Indonesia, Malaysia, and other countries. In the long run, these emerging markets of Latin America and Asia would be increasingly important to IBCA''s growth. The managing director of IBCA had to decide which region would provide better returns, given the firm''s resources. The managing director also had to formulate a business strategy for meeting increasing competition from Standard & Poors and Moody''s, as well as chart the future direction of IBCA.