There is no requirement for the bank issuing the Pre-Auction Letter of Credit to be the same as the bank that issues any letter of reference. Both the Pre-Auction Letter of Credit and the Sample Letters of Reference, however, require that the issuing bank have an unsecured debt rating of “A” from Standard & Poor’s or “A2” from Moody’s. Furthermore, the Pre-Auction Letter of Credit must be issued by a United States commercial bank or a foreign commercial bank with U.S. branches that are subject to the jurisdiction of New York federal or state courts.