Iccrea Banca's creditworthiness remains supported by our view that it is core to the Italian Banche di Credito Cooperativo (BCC) network of small cooperative banks. We believe that BCC system's weak asset quality and earnings generation capacity continue to be partially offset by sound liquidity and low wholesale funding reliance. We are affirming the long- and short-term counterparty credit ratings on Iccrea Banca and its core subsidiary Iccrea BancaImpresa at 'BB/B'. The stable outlook on the Iccrea entities reflects our view that the BCC network will maintain a conservative funding profile, high liquidity, and a solid market position in Italy. On Nov. 21, 2016, S&P Global Ratings affirmed its 'BB/B' long- and short-term counterparty credit ratings on Italian bank Iccrea
