Friday, October 27, 2023

Gov. Stitt, Treasurer Russ celebrate Oklahoma's credit outlook upgrade


OKLAHOMA CITY (October 27, 2023) - Governor Kevin Stitt and Treasurer Todd Russ today celebrated Oklahoma's strong financial standing after Moody's Investors Service revised the state's credit outlook from stable to positive.

"Moody's updated credit rating recognizes that Oklahoma's economy is booming under a conservative approach to governance," said Governor Stitt. "With our historic savings accounts, sound fiscal policies, and my commitment to slowing the growth of government, Oklahoma is well-positioned to face any financial challenge. I'll continue to make strategic investments in our workforce, education system, and critical infrastructure to make Oklahoma the best place to build a business and raise a family."

Moody's becomes the second rating agency to improve Oklahoma's credit outlook since S&P Global Ratings announced their positive outlook of the state occurring last July.

"We appreciate acknowledgment from the bond rating agencies, Moody’s and S&P, noting the state’s strong financial position, prudent management of liabilities, and continued economic diversification throughout the state,” said Treasurer Russ. “Our office, along with the Governor and other leaders in the state, has worked diligently to tell Oklahoma’s story to the rating analysts over the last year. Oklahoma is positioned well to perform among the top in the nation in the months and years to come."

Moody's updated rating highlights several positive financial trends for the state, such as low debt, pension and other post-employment benefit costs, a consistent effort to build the state's savings accounts, and state leaders employing a conservative approach to budget appropriations and spending.

"The positive outlook reflects the state's strong reserves, low leverage, and expected budgetary balance," Moody's said in a statement. "We also expect the state will maintain such strong reserves, in addition to exhibiting strong fiscal governance practices including timely audits and budgets."

In July, S&P Global Ratings praised the state for its ongoing business recruitment and economic development efforts, while recognizing Oklahoma's "firm commitment to structurally balanced financial performance and sustaining reserves and liquidity at levels that we believe position the state to more readily respond to volatile swings within future budgets, particularly given that a higher proportion of the state's economy and revenue base are tied to cyclical global energy markets compared to the national average."


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