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Oklahoma's Credit Rating Improves

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One of the nation's top rating agencies is upgrading the state's economic outlook from "stable" to "positive" due in large part to the 2018 passage of tax hikes that have resulted in budget surpluses and increased reserves.

Moody's Investors Service announced Wednesday it was also affirming the state's Aa2 rating, the agency's third highest rating.

The agency's positive outlook indicates it expects strong fiscal management and a commitment to increasing reserves. The agency also cited the state's relatively low state debt and pension burden.

Oklahoma's new Gov. 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.