Rating Agency Ups Oklahoma's Outlook From Negative To Stable

One of the nation's top rating agencies is revising Oklahoma's economic outlook from negative to stable, citing a stabilization of the state's finances as a result of revenue growth.

Moody's Investors Service announced on Thursday that it was affirming the state's Aa2 rating, the agency's third highest rating. The switch from a negative to stable outlook suggests more financial stability and the agency's belief the rating will remain unchanged for at least a year.

The agency also cited the replenishment of the state's constitutional reserve fund that is used to help stabilize the budget during economic downturns.

Moody's in April gave the state a "credit positive" report after the Legislature approved more than $500 million in tax increases.

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The Associated Press contributed to this report.