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We did it but did not disclose it anywhere. When asked, we said you could only have public documents. It works best if your company is highly rated. The issues occurred when a subsidiary provided a guarantee. Tended to get confrontational.
No real name on the policy. The big problem was it was a euro company that wouldn’t give cross border guarantees so there was no way for anyone to understand the US financial strength. That’s why it is easier to do with a highly rated company. The other side wanted to do business with us, it just made it harder. The hardest was the US leases. Developers use the leases to get their personal guarantees removed after the building is fully leased. It was hard for them.
Do you need a formal policy? Can you just say that’s your policy? That’s what I do 99% of the time.
Accounting and GC want a formal policy. Not really sure why. First instance, tried saying that it should be communicated to local teams that they can't provide non SEC filed f/s without legal's approval first.