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“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)

Fitch Ratings has assigned a 'AA-' rating to the
Oklahoma Capitol Improvement Authority's (OCIA) Transportation Infrastructure Finance
and Innovation Act (TIFIA) loan obligations, series 2021-3, series 2021-4 and series 2021-5
(subject to annual appropriation), which are being issued in connection with the U.S.
Department of Transportation's (US DOT) Rural 2-Lane Advancement and Management
Plan (RAAMP) program:
--$45.2 million TIFIA loan obligation, series 2021-3 (RAAMP Package 3);
--$39.2 million TIFIA loan obligation, series 2021-4 (RAAMP Package 4);
--$29.4 million TIFIA loan obligation, series 2021-5 (RAAMP Package 5).
The TIFIA loans are expected to close on, or around, June 27, 2024. Proceeds will be used
finance the reconstruction and expansion of rural highways within the state of Oklahoma.
The Rating Outlook is Positive.