The list came out recently. Forbes (which took this over from Mobil a few years back) rates spas, hotels and restaurants on a scale up to five stars - similar to AAA Diamond rankings but a bit more exclusive (about half as many 5* restaurants, for example - just 28 this year).
The restaurant list seems heavily weighted to resort restaurants to me, compared to similar rankings from other sources. It generally tracks well with Michelin rankings in the three cities that Michelin still issues guides for, i.e., two of the three Michelin 3* and 2* restaurants in Chicago are ranked 5* by Forbes and the other is ranked 4*.
Arizona has one five star restaurant, Kai. This has been the case for the past several years.
Arizona has three four star restaurants this year - Talavera (Four Seasons Resort Scottsdale), CORE Kitchen & Wine Bar (Ritz-Carlton @ Dove Mountain) and PY Steakhouse (Casino del Sol resort). See what I mean about favoring resorts :)
Out of curiosity I checked to see the scores reviewers from Open Table gave these four, plus Shin Bay and Binkley's (Kai, Shin Bay and Binkley's are often considered the best the Phoenix area has to offer).
Here were the results for "Overall Satisfaction" on Open Table based on diner reviews the past six months, with 5.0 being tops:
Kai 4.9/5.0 121 reviews
Binkley's 4.8/5.0 153 reviews
Shin Bay 4.8/5.0 62
CORE Kitchen 4.7 for 50
Talavera 4.6 for 92
PY steak 4.5 for 57 reviews
So the Forbes 4* places all got lower diner ratings from OpenTable customers than did the Big Three in the Phoenix area, though 4.5 - 4.7 are still pretty good ratings.
Here's the link to the Forbes list of all the 4 and 5* winners in the US: