BE-55: Can we provide the name of the financial institution that will issue our Pre-Bid Letters of Credit for purposes of verifying that the financial institution is acceptable to all the Companies?

Generally you should be able to determine yourself or the financial institution should be able to determine whether the financial institution will be acceptable to the Companies. The issuing bank must certify that, as of the date of issuance of the Pre-Bid Letter of Credit, its senior unsecured debt is rated “A” or better by S&P Global Ratings (“S&P”) if rated by S&P, “A2” or better by Moody’s Investors Service (“Moody’s”) if rated by Moody’s, and, “A” or better by Fitch Ratings (“Fitch”) if rated by Fitch. Furthermore, the issuing bank must certify that its senior unsecured debt is rated by at least two of S&P, Moody’s, and Fitch.

If for some reason you and the issuing bank cannot make this determination, please submit a question through the Ask a Question page.