Oklahoma's Economic Outlook Upgraded

Thursday, October 24th 2019, 4:45 am
By: News On 6

One of the nation's top rating agencies is upgrading Oklahoma's economic outlook from stable to positive.

The upgrade is mainly because of last year's tax increases; and, it's resulting in budget surpluses and increased reserves.

Moody's Investors Service, out of New York City, made the announcement Wednesday.

This comes after a meeting last month with state leaders to provide rating analysts with an update on Oklahoma's economy, credit trends, and policy priorities.

The agency's positive outlook indicates it expects strong fiscal management and a commitment to increasing reserves.

Moody's also cited Oklahoma's relatively low state debt and pension burden.

Governor Kevin Stitt has said he wants the state to set aside $2 billion in reserves to help better prepare the state for its next economic downturn.