Strong market position in Italy of the Banche di Credito Cooperativo (BCC) cooperative bank network BCCs' sound aggregated financial profile Sound support mechanism that strongly limits BCC depositors' losses Iccrea Banca's core institutional role for the BCCs BCCs' often unsophisticated risk culture--which has resulted in several liquidations in the past decade BCCs' potential credit risk stemming from fast loan growth and local loan concentrations Iccrea Banca's high credit concentration and modest profitability The ratings on Italy-based Iccrea Banca SpA primarily reflect the bank's status as the central bank of the Banche di Credito Cooperativo (BCC), a large and cohesive network of small Italian cooperative banks with a solid and stable aggregated financial profile. BCCs' aggregated creditworthiness leverages on a strong
