A bank issuing the Pre-Bid Letter of Credit must be able to make the following certification:
We, the Issuing Bank, certify that as of the Date of Issuance of this Letter of Credit our 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. We hereby certify that our senior unsecured debt is rated by at least two of S&P, Moody’s, and Fitch. If affiliated with a foreign bank, we further certify we are a U.S. branch office of such foreign bank and that as of the Date of Issuance of this Letter of Credit, our senior unsecured debt meets the ratings requirement of this paragraph.
This certification is included as Paragraph 14 of the Pre-Bid Letter of Credit.
Thus, the Issuing bank must be a U.S. bank or a U.S. branch office of a foreign bank. Further, the bank has to satisfy specific minimum ratings from the main rating agencies. If the bank you are considering meets these requirements, then it will be acceptable to the Companies.