The bond rating service Moody's has upgraded Oklahoma's status from negative to stable, which could make investors more eager to lend the state money after years of financial turmoil.

Moody's affirmed the State of Oklahoma's Aa2 rating, but revised the state's outlook from negative to stable. While a negative outlook connotes downward pressure and the possibility of a downgrade, a stable outlook translates to stability and the rating agency's belief the rating will remain unchanged for the next 12-24 months.

Aa2 is Moody's third-highest rating, and issuers with this rating are judged to be of high quality and are subject to very low credit risk.

Moody's Investor Services noted that Oklahoma's economy weathered a downturn in the oil and gas sector and recently experienced gradual expansion buoyed by improved revenue collections.