BE-46: Can we use any financial institution to issue the letter of credit or are there specific requirements that such financial institution must meet?

For the Pre-Bid Letter of Credit, the financial institution is a bank that satisfies the credit ratings provided in Paragraph 14. 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. The requirements for a financial institution issuing the Post-Bid Letter of Credit appended to each applicable supplier contract are the same and are also stated as part of its terms.