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Issuer Type: State/Province
Oklahoma Capitol Improvement Authority's (OCIA) series 2019B state facilities revenue bonds
Oklahoma Capitol Improvement Authority's (OCIA) series 2018D state facilities revenue bonds
On behalf of the Oklahoma State Treasurer's Office, I would like to welcome you to our new investor relations website. We appreciate your interest and investment in bonds issued by The State, as it allows us to make critical investments in public infrastructure throughout Oklahoma. We are committed to maintaining our strong bond ratings, and we are also committed to being as transparent as possible with the investor community and public at large.
I hope you find this website useful as you seek to better understand the credit fundamentals of the State. Please do not hesitate to contact our office with suggestions for how we can be doing better. Thanks again for your interest in our bond program.
Randy McDaniel, State Treasurer
For Immediate Release: April 14, 2021
Oklahoma Credit Outlook Improves
OKLAHOMA CITY – Saying Oklahoma state government has done well managing its finances during the pandemic, Standard & Poor’s Global Ratings has revised the state’s outlook from negative to stable, State Treasurer Randy McDaniel announced today.
S&P had placed the state on negative outlook at the start of the COVID-19 pandemic last year. With the revision announcement, the state’s current credit rating of AA was affirmed.
Treasurer McDaniel said the outlook change is encouraging and should help the state reduce interest costs on future bond issues.
“State leaders have exercised fiscal discipline during the pandemic,” McDaniel said. “This announcement from a widely respected independent source is welcome news.”
The S&P outlook change also anticipates responsible decision-making will continue.
The report states the revision is based, in part, on “the expectation that Oklahoma’s legislative and executive branches will reach consensus on actions to restore and maintain structural balance in future budgets and sustain a commitment to rebuilding reserves.”
The state’s primary reserve funds are the Constitutional Reserve Fund and the Revenue Stabilization Fund. They currently contain approximately $230 million, which is about 3 percent of general revenue appropriations. The combined balance topped $1 billion prior to the pandemic.
Other factors cited by S&P for its more favorable outlook include the state’s relatively low debt burden and its decade-long history of sufficient pension funding.
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For more information contact:
Tim Allen, Deputy Treasurer for Communications & Program Administration
Oklahoma City—The Oklahoma Capital Improvement Authority (OCIA) announced today it is offering $13.24 million of State Agency Facilities Revenue Bonds TaxExempt Series 2020D (Oklahoma Department of Human Services Project) and $48.955 million of State Agency Facilities Revenue Bonds Federally Taxable Series 2020E (Oklahoma Tourism and Recreation Department Project) on December 3, 2020.
The bonds will be offered via negotiated sale through the OCIA’s underwriting syndicate, led by co-senior managers Morgan Stanley and Bank of Oklahoma, with Raymond James as co-manager on the transaction. The Municipal Advisor is Hilltop Securities.
A Preliminary Official Statement has been released and is available at www.ociabonds.com. The OCIA’s bonds are rated “AA-” by S&P and Fitch.
For more information:
Deputy State Treasurer/OCIA Director