R628-10-4. Rating Requirements for Permitted Depositories

  (1) The Permitted depository must meet the following criteria to accept deposits from Utah public entities:

  (a) The deposits must be federally insured;

  (b) the total assets of the Permitted depository must equal $5 billion or more as of December 31 of the preceding year, and;

  (c) fixed rate negotiable deposits which meet the criteria of Section 51-7-11(3)(f) must, at the time of investment, have the equivalent of an "A" or better short term rating by at least two NRSRO's, or:

  (d) variable rate negotiable deposits which meet the criteria of Section 51-7-11(3)(m) must, at the time of investment, have the equivalent of an "A" or better, long term rating, by at least two NRSRO's.

  (2) Permitted depository institutions whose ratings drop below the minimum ratings established in R628-10-4(1). above, are no longer eligible to accept new deposits of Utah public funds. Outstanding deposits may be held to maturity, but may not be renewed and no additional deposits may be made by any public treasurer.