Actually the circuit breaker still needs to be 125amp. FLA 78.2. So it requires 117.3 amp.
nyc will allow for "under rated" protection but its up to the inspector. We also have to use time delay fuses not breakers. Submersible units use more amps then a dry system. If you can up the voltage to 240V or if the building feed can handle put a 120amp breaker in.
