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Born to American parents, serving in the American military, at an American military base.
There are those who quibble that "citizen" and "natural born" citizen are two different things. While it is true that they are two different things, I believe that John McCain qualified for both at the same time. The circumstances in paragraph one should certainly meet the threshhold for both terms.
In any debate over this, my position would say that one cannot remove "natural born" from John McCain without also removing "American citizen" from John McCain.
Now, hypothetically suppose that one did so and then froze that moment of time. (No further actions may occur.) At this point, either McCain is a citizen of Panama, or he is not. I believe that nobody here would argue that McCain, as of now, already is a citizen of Panama -- so therefore, he is not.
In other words, the action of removing his citizenship makes him a "stateless" person. He does not have alternative citizenship unless he applies to another country, or accepts a proactive offer from another country.
What's true under international legal conventions (see the UN Universal Declaration of Human Rights) is that a person cannot be deprived of citizenship. So, our hypothetical removal of John McCain's citizenship is illegal.
We can't do it; can't go there; and so McCain can keep his U.S. citizenship which I would assert is "natural born" given his circumstances.
Q.E.D.
