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 Italian cooperative banks with a solid and stable aggregate financial profile. The ratings also take into account Iccrea Banca's modest profitability; low credit risk; and ownership by Iccrea Holding, the group holding company in charge of providing products and services to BCCs. At mid-year 2003, the BCC network grouped together almost 470 rural cooperative banks engaging in business with farmers, craftspeople, retailers, and small firms. The solidarity system linking BCCs is not legally binding, as in other European cooperative banking systems. Nevertheless, BCCs' bondholders and depositors are protected by solidarity mechanisms,
