C. An insurer may invest or deposit its funds in any deposit, account or obligation of a foreign bank that has been determined by the securities valuation office of the national association of insurance commissioners to meet the credit standards for issuing letters of credit in support of the liability of a reinsurer to a ceding insurer or has demonstrated to the director that it meets or exceeds both the following standards:

1. 1. Is domiciled in a country with a sovereign debt rating of "Aaa" or "AAA" for its long-term debt or P1 or A1 for its short-term debt by Moody's investors service or Standard and Poor or an equivalent rating by any other nationally recognized statistical rating organization.

2. 2. Either of the following:

   1. (a) For investment issues with maturities in excess of three hundred sixty-five days, has a long-term debt service rating of "Aa" by Moody's investor service or "AA" by Standard and Poor or an equivalent rating by any other nationally recognized statistical rating organization.
   2. (b) For investment issues with maturities of three hundred sixty-five days or less, has a short-term debt service rating of P1 or A1 by Moody's investors service or Standard and Poor or an equivalent rating by any other nationally recognized statistical rating organization.