State Treasurer Todd Russ alongside leaders celebrate Oklahoma’s Credit Rating Upgrade

OKLAHOMA CITY (KFOR) - Oklahoma Treasurer Todd Russ, alongside Governor Kevin Stitt, Pro Tempore Lonnie Paxton and Speaker Kyle Hilbert, on Tuesday announced Oklahoma’s financial standing with S&P Global Ratings has been upgraded.

According to State leaders the breakdown of the upgrades are as follows:

• S&P Global Ratings raised Oklahoma’s issuer credit rating to ‘AA+’ from ‘AA,’ marking the state’s highest rating in decades
• S&P Global Ratings upgraded its rating to ‘AA’ from ‘AA-’ on appropriation-backed debt issued by the Oklahoma Capitol Improvement Authority (OCIA) and the Oklahoma Development Finance Authority (ODFA)
• S&P also assigned an ‘AA’ rating to OCIA’s upcoming $256 million bond issue for the Oklahoma Department of Transportation (ODOT) that is expected to price mid-April

Leaders noted the upgrade reflects the state's commitment to responsible management and positive financial results.

"Oklahoma’s financial discipline is paying off, and this upgrade is a testament to the careful stewardship of our state’s finances," said Treasurer Todd Russ. " I am incredibly proud of our team’s hard work in managing the state’s investments, ensuring liquidity, and strengthening our reserves. This rating increase reflects not only our commitment to sound fiscal policy but also the stability of Oklahoma’s financial position. As our economy continues to diversify—from energy to aerospace, manufacturing, and technology—our ability to manage revenues responsibly ensures we can support long-term growth while protecting taxpayers from economic uncertainty. "

Governor Stitt reiterated shared feelings, "Oklahoma is proof that conservative fiscal leadership works. We've become stronger and more competitive because we've balanced our budget, built up record savings, and cut taxes. Our goal has always been putting Oklahoma on a path of long-term financial stability—and we're seeing the results here today. Businesses and families around the country can trust that Oklahoma is a smart place to build, grow, and succeed."

Lt. Governor Matt Pinnell also chimed in agreeing on Oklahoma's financial strength: "Oklahoma has one of the strongest economies in the nation, as reflected by this credit rating increase. Our state balances having both minimal debt and strong reserves with the lowest costs of living and doing business. With our strong financial standings, Oklahoma is set up for long-term success to impact generations to come."

Pro Tem Lonnie Paxton, R-Tuttle reinforced Oklahoma's policies and legislative leadership saying,
“Oklahoma’s credit rating upgrade is a direct reflection of our commitment to responsible fiscal stewardship and the progress our state continues to make. Over the past several years, we have prioritized policies that strengthen our financial foundation, reduce liabilities and ensure long-term economic growth. In December, I was honored to be part of a delegation of state leaders who traveled to New York to present to the credit rating agencies. We successfully highlighted our prudent budgeting, strong reserve funds and pro-growth economic policies. This upgrade affirms that our efforts are working, and it positions Oklahoma for continued success. We will continue working to keep Oklahoma on this trajectory, fostering a business-friendly environment and making smart investments in our state’s future.”

House Speaker Kyle Hilbert paraphrased the significance of securing the credit rating upgrade: "Oklahoma’s strong financial stewardship and pro-growth policies continue to position our state for long-term economic success. I appreciate Treasurer Todd Russ and other legislature for advocating on behalf of Oklahoma and highlighting our commitment to fiscal responsibility. Enhancing our bond ratings allows us to build a stronger economic foundation while keeping costs low for taxpayers."

S&P revised the outlook on Oklahoma’s rating to Positive from Stable in July 2023. According to State leaders, Oklahoma's credit rating was 'AA+' in 2016 and the return to ‘AA+’ reflects the commitment to responsible budgeting ensuring long-term stability for taxpayers and businesses.