DEFINITIONS.

SEC. 11602. DEFINITIONS. Section 501 (45 U.S.C. 821) is amended— (1) by redesignating paragraph (8) as paragraph (10); (2) by redesignating paragraphs (6) and (7) as paragraphs (7) and (8), respectively; (3) by inserting after paragraph (5) the following: “(6) The term ‘investment-grade rating’ means a rating of BBB minus, Baa 3, bbb minus, BBB(low), or higher assigned by a rating agency.” ; (4) by inserting after paragraph (8), as redesignated, the following: “(9) The term ‘master credit agreement’ means an agreement to make 1 or more direct loans or loan guarantees at future dates for a program of related projects on terms acceptable to the Secretary.” ; and (5) by adding at the end the following: “(11) The term ‘project obligation’ means a note, bond, debenture, or other debt obligation issued by a borrower in connection with the financing of a project, other than a direct loan or loan guarantee under this title. “(12) The term ‘railroad’ has the meaning given the term ‘railroad carrier’ in section 20102 of title 49, United States Code. “(13) The term ‘rating agency’ means a credit rating agency registered with the Securities and Exchange Commission as a nationally recognized statistical rating organization (as defined in section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a))). “(14) The term ‘substantial completion’ means— “(A) the opening of a project to passenger or freight traffic; or “(B) a comparable event, as determined by the Secretary and specified in the terms of the direct loan or loan guarantee provided by the Secretary.” .