The ratings on Italy-based Iccrea Banca SpA primarily reflect the bank's status as the central bank of the Banche di Credito Cooperativo (BCC), a large and cohesive network of small Italian cooperative banks with a solid and stable aggregated financial profile. BCCs' aggregated creditworthiness leverages on a strong market position in Italy, a sound aggregated financial profile, and a sound support mechanism that strongly limits depositors' losses. The ratings also take into account BCCs' often unsophisticated risk culture, and their potential credit risk stemming from fast loan growth and local loan concentrations. At midyear, 2006, the BCC network was made up of about 430 rural cooperative banks engaged in business with farmers, craftspeople, retailers, and small firms. Market shares and
