Firm Cuts Oklahoma's Credit Rating Over Revenue Failure

By Paul Monies Business Writer pmonies@oklahoman.comOklahoma's declaration of a revenue failure last week prompted ratings agency Standard & Poor's to drop the state's credit ratings one notch Wednesday. S&P said the state's financial position leaves it vulnerable should the regional and national economy slow. "While the revenue failure alone, in our view, is nominal relative to previous revenue failures, collectively the state's financial position has deteriorated to a point that further precludes the state from building up reserves in subsequent fiscal years," S&P said in a report.Read more on NewsOK.com

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