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of foreign banks,United States insurance companies,or their Canadian subsidiaries,or the domestic affiliates <br />of any of the foregoing.The credit quality of the issuer's or guarantor's short-and long-term unsecured debt <br />must be rated in one of the two highest categories by a nationally recognized rating agency.Agreements or <br />contracts for guaranteed investment contracts with a term of 18 months or less may be entered into regardless <br />of the credit quality of the issuer's or guarantor's long-term unsecured debt,provided that the credit quality <br />of the issuer's short-term unsecured debt is rated in the highest category by a nationally recognized rating <br />agency.Should the issuer's or guarantor's credit quality be downgraded below "A",the government entity <br />must have withdrawal rights. <br />History:1996 c 399 art 1 s 6;1997 c 219 s 1;2000 c 493 s 1;2005 c 152 art 1 s 2;2010 c 234 s 1; <br />2010 c 385 s 4;2013 c 143 art 12 s 2;2014 c 292 s 4 <br />Copyright ©2017 by the Revisor of Statutes,State of Minnesota.All Rights Reserved. <br />2MINNESOTASTATUTES2017118A.05