The ratings on Italy-based Iccrea Banca SpA primarily reflect its 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 aggregate financial profile. BCCs' aggregate creditworthiness leverages a strong market position in Italy, sound aggregate financial profile, and sound support mechanism that strongly limits depositors' losses. The ratings also take into account BCCs' often unsophisticated risk culture and potential credit risk from fast loan growth and loan concentrations. At midyear 2007, the BCC network was made up of about 440 rural cooperative banks, with a combined market share and capitalization comparable to a large Italian bank. BCCs are fully independent in their banking
