It is not a requirement of the BGS-RSCP application process that a potential BGS-RSCP Supplier be rated by at least two (2) of S&P, Moody’s, Fitch, or A.M. Best.

The requirement that a BGS-Supplier be rated by at least two (2) of the rating agencies cited in your question is only applicable to BGS-RSCP Suppliers seeking to qualify for unsecured credit under the BGS-RSCP Supplier Master Agreement (“SMA”). To receive an Independent Credit Threshold, the BGS-RSCP Supplier must: (1) be rated by at least two of S&P, Moody’s, Fitch, or A.M. Best; and (2) have a minimum senior unsecured debt rating (or, if unavailable, corporate issuer rating discounted one notch) of at least “BBB-” from S&P, “Baa3” from Moody’s, “BBB-” from Fitch, or “bbb” from A.M. Best (a “Minimum Rating”).

For BGS-RSCP Suppliers who cannot meet these requirements, the posting of cash or a letter of credit in an acceptable form as defined in Section 6.9(b) of the BGS-RSCP SMA for the entire aggregate Independent Credit Requirement amount under the BGS-RSCP SMA and any other BGS Supply agreement(s) between the BGS-RSCP Supplier and the Company will be required at the time of, or prior to, the execution of the BGS-RSCP SMA.