Strong market position in Italy for the BCC cooperative bank network BCCs' adequate aggregate 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 BCCs' vulnerability to the current deterioration in the domestic economy due to fast loan growth and loan concentrations Iccrea Banca's modest profitability The ratings on Italy-based Iccrea Banca SpA primarily reflect its 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 aggregate financial profile. BCCs' aggregate creditworthiness leverages a strong market position in Italy, adequate aggregate financial profile, and sound support mechanism that strongly
