; or (B) a comparable event, as determined by the Assistant Secretary and specified in the credit agreement. 3. Determination of eligibility and project selection (a) Eligibility (1) In general A project shall be eligible to receive credit assistance under the BIFIA program if— (A) the entity proposing to carry out the project submits a letter of interest prior to submission of a formal application for the project; and (B) the project meets the criteria described in this subsection. (2) Creditworthiness (A) In general Except as provided in subparagraph (B), to be eligible for assistance under the BIFIA program, a project shall satisfy applicable creditworthiness standards, which, at a minimum, shall include— (i) adequate coverage requirements to ensure repayment; (ii) an investment-grade rating from at least 2 rating agencies on debt senior to the Federal credit instrument; and (iii) a rating from at least 2 rating agencies on the Federal credit instrument. (B) Small projects In order for a small project to be eligible for assistance under the BIFIA program, such project shall satisfy alternative creditworthiness standards that shall be established by the Assistant Secretary under section 6 for purposes of this paragraph. (3) Application A State, local government, agency or instrumentality of a State or local government, public authority, public-private partnership, or any other legal entity undertaking the project and authorized by the Assistant Secretary shall submit a project application that is acceptable to the Assistant Secretary. (4) Eligible project cost parameters for infrastructure projects Eligible project costs shall be reasonably anticipated to equal or exceed $2,000,000 in the case of a project or program of projects— (A) in which the applicant is a local government, instrumentality of local government, or public authority (other than a public authority that is a Federal or State government or instrumentality); (B) located on a facility owned by a local government