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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.