Arizona Revised Statutes Title 20. Insurance § 20-544. Corporate obligations

An insurer may invest in bonds, debentures, notes, commercial paper and other evidences of indebtedness issued, assumed or guaranteed by any solvent institution created or existing under the laws of the United States or of any state, district or territory of the United States, which are not in default as to principal or interest and which have received an investment grade rating approved by the director. The director shall by order after a hearing prescribe the investment grade rating and the recognized rating agencies for the purposes of this section. Private placement obligations which have not received an investment grade rating may be eligible for investment if the issuer has comparable outstanding obligations which have received an investment grade rating approved by the director. The director shall prescribe standards by order after a hearing by which obligations of issuers which have not received an investment grade rating may be eligible for investment.