The ratings on Italy-based Iccrea Banca SpA primarily reflect the bank's status as the central bank of Banche di Credito Cooperativo (BCC), a large and cohesive network of small Italian cooperative banks with a solid and stable aggregated financial profile. The ratings also take into account Iccrea Banca's institutionally limited profitability, low credit risk, and ownership by Iccrea Holding (not rated), the parent bank in charge of providing products and services to the BCC banks (BCCs). At year-end 2004, the BCC network was made up of about 440 rural cooperative banks engaging in business with farmers, craftspeople, retailers, and small firms. Although the solidarity system linking the BCCs is not legally binding, they are obliged to belong to a BCC-specific
