You could just check if the value is not zero.
if ((Int32)(letter & Letters.AB) != 0) { }
But I would consider it a better solution to introduce a new enumeration value with value zero and compare agains this enumeration value (if possible because you must be able to modify the enumeration).
[Flags]
enum Letters
{
None = 0,
A = 1,
B = 2,
C = 4,
AB = A | B,
All = AB | C
}
if (letter != Letters.None) { }
UPDATE
Missread the question - fixed the first suggestion and just ignore the second suggestion.