The ratings primarily reflect Iccrea Banca SpA'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 institutionally limited profitability; low credit risk; and ownership by Iccrea Holding, the group company in charge of providing products and services to the BCCs. At year-end 2003, the BCC network was made up of about 450 rural cooperative banks engaging in business with farmers, craftspeople, retailers, and small firms. The solidarity system linking the BCCs is not legally binding, but the BCCs are obliged to belong to a BCC-specific national guarantee fund (Fondo di Garanzia
