The ratings on Iccrea Banca SpA primarily reflect the bank's status as the central bank of the "Banche di Credito Cooperativo" (BCCs), a large and cohesive network of small cooperative banks, characterized by a solid aggregate financial profile. The ratings also take into account Iccrea Banca's capital base, which is appropriate for its business; low credit risk; and ownership by Iccrea Holding, the holding company of the group, which is in charge of providing services and products to the BCCs. The BCC network grouped together 474 rural cooperative banks at year-end 2001. BCCs are involved in business with farmers, craftspeople, retailers, and small firms. Although the solidarity system is not legally binding--as it is in several other European cooperative banking
