Fitch Joins Moody’s and S&P in Rating Upgrades Citing Oklahoma’s Strong Fiscal Position

State Treasurer Todd Russ today announced that Fitch Ratings is the third rating agency upgrade for the State of Oklahoma’s credit rating to AA+ with a Stable Outlook, highlighting the state’s disciplined financial management and strong fiscal foundation.

In its report, Fitch cited several key drivers behind the state’s credit strength, including Oklahoma’s revenue and expenditure framework, low liability burden, and robust operating performance. The agency noted the state has maintained a disciplined approach to financial planning while proactively building and preserving strong operating reserves. According to Fitch, this strategy positions Oklahoma to better absorb potential economic or revenue shocks, while consistent budget management and reliable revenue forecasting provide the state with strong capacity to close potential budget gaps.

“This upgrade reflects the steady work Oklahoma has done to strengthen its financial foundation and diversify our economy,” said Treasurer Russ. “Since taking office, we have prioritized responsible financial management and building strong reserves so our state can weather uncertainty while continuing to create opportunities for Oklahoma families and businesses. A strong balance sheet today helps ensure Oklahoma remains competitive and well-positioned for growth well into the future.”

“Oklahoma is stronger than it’s ever been, and this upgrade is further proof that conservative leadership, fiscal responsibility, and free market principles work,” said Governor Kevin Stitt. “When I entered office, I promised a turnaround for our state, and we immediately got to work. Seven years later, we’re seeing the real results of making government more efficient, cutting taxes, and delivering historic savings. We’re in an incredible financial position that will benefit Oklahomans for years to come.”

The latest action from Fitch follows previous upgrades from Moody’s in September 2024 and S&P in March 2025. In their most recent credit reports released this month:

• Moody's Ratings noted that “The State of Oklahoma (Aa1 stable) has among the strongest fund balance ratios and lowest leverage ratios for U.S. states. We expect its balance sheet will remain strong for many years, given prudent budgetary management and dedication to preserving various, large rainy-day funds even after drawdowns for one-time expenses.”
• S&P Global Ratings stated that “The stable outlook reflects our expectation that Oklahoma will continue its practice of tight expenditure management, and that its accumulation of large reserve balances should provide a substantial financial buffer to navigate potential near-term cyclical pressures. In addition, we believe the state's management of expenditure growth in future budgets and budgeting 95% of certified revenue will help to offset the potential effects of slower revenue growth caused by recent tax policy changes over the outlook horizon.”

Together, these assessments from the nation’s leading credit rating agencies underscore Oklahoma’s disciplined fiscal policies and continued focus on long-term financial stability. With Fitch’s recent action, all three major credit rating agencies, Moody’s, S&P, and Fitch, have affirmed or increased Oklahoma’s credit ratings over the past two years, highlighting the state’s continued strong financial management and disciplined approach to budgeting and reserves.