The Required Rating definition provides an independent benchmark for the minimum credit rating required for any issuer of a Performance Bond (including during the Development Phase and as part of Handover) and for any Reputable Insurer. The benchmark is based on credit ratings by one of two internationally acknowledged ratings agencies: Standard and Poor's (S&P) or Moody's Investors Service (Moody's). The specified credit ratings of A- (S&P) or A3 (Moody's) provide the State with an appropriate degree of protection against the risk that any financial institution will be unable to meet its relevant obligations in respect of the Project. The nominated credit ratings are typically consistent with the credit ratings that the Financiers require under the Finance Documents for performance bond issuers.