S&P lowers Oklahoma's bond rating amid revenue failure - KSWO 7News | Breaking News, Weather and Sports

S&P lowers Oklahoma's bond rating amid revenue failure

OKLAHOMA CITY (AP) - One of the nation's major ratings agencies is downgrading Oklahoma's bond and appropriation debt rating because of continued weak revenue collections and a revenue failure that's led to more budget cuts to state programs.

S&P Global Ratings issued a report on Wednesday that lowered the state's general obligation bond debt rating from AA+ to AA. The agency also lowered its rating on the state's appropriation debt from AA to AA-. The ratings agency kept its outlook on the state's financial picture as stable, but warned Oklahoma's reliance on one-time sources of revenue to balance the budget makes the state vulnerable to further revenue declines.

The decision amounts to a lowering of the state's credit rating and could lead to higher interest rates on the state's bond debt.

Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Powered by Frankly