reg 10
In forceMinimum credit rating for compliant performance bonds
10 Minimum credit rating for compliant performance bonds
For the purposes of section 60(1)(i), the minimum credit rating of an authorised institution issuing a performance bond is —
(a)
the rating of A under the Standard & Poor’s Long‑Term Issuer Credit Ratings, except as provided by paragraph (b); or
(b)
if the construction contract provides for a lower minimum credit rating — that lower minimum credit rating.
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