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State Treasurer Todd Russ alongside a delegation of Oklahoma leaders, recently traveled to New York City to meet with the nation’s leading credit rating agencies—S&P Global Ratings and Fitch Ratings. These strategic meetings highlighted Oklahoma’s improving economic outlook and the state’s efforts to strengthen its bond ratings.

“Oklahoma is thriving, and we are telling our story on a national stage,” said Treasurer Russ. “Our conservative fiscal policies, historic reserves, and robust economic diversification are being recognized. Meetings like these are critical in demonstrating our financial progress and ensuring the best possible outcomes for Oklahoma taxpayers.”

This marks Treasurer Russ’ third coordinated outreach with the leading credit rating agencies, building on previous efforts. By fostering ongoing dialogue, state leaders continue to highlight Oklahoma’s commitment to fiscal discipline and economic innovation. In 2024, Moody’s upgraded Oklahoma’s credit rating to Aa1, the second-highest possible rating, citing strong reserves, low debt, and prudent fiscal management. Earlier, S&P Global and Fitch Ratings both revised the state’s outlook to positive, emphasizing economic stability and resilience.

"Oklahoma has one of the strongest economies in the nation, as is reflected in our high credit ratings," said Lt. Governor Matt Pinnell. "Our state balances having both minimal debt and strong reserves with the lowest costs of living and doing business, making us the most pro-business state in the country. With our strong financial standings, Oklahoma is set up for long-term financial success to impact generations to come."

The trip also allowed state leaders to provide updates on key financial strategies, including Oklahoma’s proactive approach to pension funding, debt reduction, and leveraging economic diversification to counter volatility in energy markets.

“We were able to show that Oklahoma’s economy has done well, and our fiscal house is in order, which will hopefully lead to increasing our bond ratings,” said Pro Tem-Elect Lonnie Paxton, R-Tuttle. “Historically, we have been successful in making the case for the state by passing good, conservative and fiscally responsible legislation that has put Oklahoma on the right trajectory, leading to increased ratings by bond agencies. I thank the efforts and work put in ahead of our meetings by our teams and the delegation in attendance.”

“Oklahoma’s robust economy, unprecedented savings and track record of conservative fiscal policies are some of our best assets, and I took pride in bragging about our state,” said Senate Appropriations Chairman Chuck Hall, R-Perry. “I’m optimistic that these meetings will result in improved state bond ratings, enabling us to make the most of taxpayers’ dollars while ensuring Oklahoma’s financial stability for years to come.”

The Oklahoma delegation included Lieutenant Governor Matt Pinnell, President Pro Tempore Elect Lonnie Paxton and Senator Chuck Hall, and the state’s bond oversight team, who worked to ensure analysts had a full understanding of Oklahoma’s economic trajectory.

“These agencies have acknowledged our strong fiscal practices,” said Treasurer Russ. “This visit is another step toward ensuring Oklahoma remains financially competitive and continues to lead the nation in economic growth.”

As the state anticipates further improvements in its credit ratings, leaders remain committed to a disciplined approach to governance, ensuring long-term fiscal health for future generations.

“It's no surprise Moody's continues to improve Oklahoma's credit rating. The rating upgrade is a reflection of the hard work the state, Governor Stitt and the Legislature have done to build and maintain a stable financial foundation while navigating challenges and continuing to foster economic growth,” stated Treasurer Russ. “As Oklahoma continues its commitment to economic growth and financial stability, we look forward to sharing notable achievements like real GDP growth and improved resident income levels with the rating agencies. These advancements will point to enhancing the quality of life for all Oklahomans. I’m proud of the Debt Management team in my office who has worked tirelessly to share the Oklahoma story with Moody’s and other rating agencies alongside the Governor and other state leaders.”

In its press release, Moody’s noted “a long trend of conservative budget management” and various “balance sheet strengths”, in conjunction with extremely low “fixed costs from debt, pensions and retiree healthcare”. Oklahoma received its last credit upgrade from Moody's in October of last year, and this consecutive upgrade further demonstrates the state's continued improvement and strong economic outlook. It highlights the state's ongoing commitment to financial stability and growth, reinforcing confidence in Oklahoma’s fiscal future.

“Our new Aa1 rating from Moody's is validation of the conservative fiscal policies we champion in our state,” said Governor Stitt. Fiscal responsibility is a win for every Oklahoman. To set the next generation up for success, we have to make good financial choices now. That's why Treasurer Russ and I are proud to report to Oklahomans that we're leaving our state in better fiscal shape than we found it."

The state was placed on Positive Outlook by three credit rating agencies last year. As noted in the Moody’s press release, “the outlook has been revised to stable from positive in conjunction with the upgrade.” The state looks forward to continued discussions with S&P Global Ratings and Fitch Ratings, who both have a Positive Outlook on the state’s credit rating, as they consider resolving the credit outlook in the near term.

The upgrade will positively impact the upcoming bond issue by the Oklahoma Development Finance Authority (ODFA), with additional savings extending to certain colleges and universities. The upgrade will also benefit all future bond issues by ODFA as well as the Oklahoma Capitol Improvement Authority, the state’s largest issuer of tax-backed debt.

In an effort to enhance rural road safety in Oklahoma, the
Build America Bureau (Bureau) provided a series of five Transportation Infrastructure
Finance and Innovation Act (TIFIA) loan packages totaling over $200 million to the
Oklahoma Capitol Improvement Authority (OCIA) on behalf of the Oklahoma Project locations for RAAMP Packages 1 – 5 TIFIA Loans Provide Financing for Rural
Road Safety Improvements in Oklahoma Department of Transportation (ODOT) to help fund 33 projects as a part of the State's Rural Two-Lane Advancement and Management Plan (RAAMP). (See attached)