The requirement for the Pre-Bid Letter of Credit is that the bank must represent that it is as of the date of issuance of the letter of credit, its senior unsecured debt is rated “A” or better by Standard & Poor’s (“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.

You may ask the Procurement Administrator for confirmation for a particular bank. Please note that the requirements for a financial institution issuing a Letter of Credit during the term of the applicable supplier contract may be different. As such, this response only applies to the Pre-Bid Letter of Credit and not to the letters of credit during the term of the applicable supplier contracts.