Strong market position in Italy for the Banche di Credito Cooperativo (BCC) cooperative banking 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' vulnerability to the weak domestic economy due to the composition of their loan portfolios BCCs' unseasoned loan portfolios and loan concentrations BCCs' often unsophisticated risk culture 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. The BCCs' aggregate creditworthiness leverages a strong market position in Italy, adequate aggregate financial profile, and sound support mechanism that
