; (B) enable the project to proceed at an earlier date than the project would otherwise be able to proceed or reduce the lifecycle costs (including debt service costs) of the project; and (C) reduce the contribution of Federal grant assistance for the project. (8) Project readiness To be eligible for assistance under the BIFIA program, the applicant shall demonstrate a reasonable expectation that the contracting process for the construction and deployment of infrastructure for the provision of broadband service through the project can commence by no later than 90 days after the date on which a Federal credit instrument is obligated for the project under the BIFIA program. (b) Selection Among Eligible Projects (1) Establishment of application process The Assistant Secretary shall establish a rolling application process under which projects that are eligible to receive credit assistance under subsection (a) shall receive credit assistance on terms acceptable to the Assistant Secretary, if adequate funds are available to cover the subsidy costs associated with the Federal credit instrument. (2) Preliminary rating opinion letter The Assistant Secretary shall require each project applicant to provide— (A) a preliminary rating opinion letter from at least 1 rating agency— (i) indicating that the senior obligations of the project, which may be the Federal credit instrument, have the potential to achieve an investment-grade rating; and (ii) including a preliminary rating opinion on the Federal credit instrument