OGE Energy Corp. Credit Ratings

Entity - Ultimate Parent

OGE Energy Corp.

EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

ESG Relevance


1			2			3			4			5

01Ratings

Rating	Action	Date	Type
BBB+	Affirmed	03-Apr-2025	Long Term Issuer Default Rating
F2	Affirmed	03-Apr-2025	Short Term Issuer Default Rating

Ratings Key	Outlook	Watch
Positive
Negative
Evolving
Stable

* Ratings displayed in orange denotes EU or UK Unsolicited and Non-Participatory Ratings

Where there was a review with no rating action (Review – No Action), please refer to the “Latest Rating Action Commentary” for an explanation of key rating drivers

*Premium Content is displayed in ��ֳ� Red

Rating History

Long Term Issuer Default Rating
Short Term Issuer Default Rating

Date :

03-Apr-2025

02-May-2024

18-Dec-2023

07-Mar-2023

09-Mar-2022

18-Feb-2022

15-Apr-2021

16-Oct-2020

17-Oct-2019

26-Oct-2018

01-Aug-2018

18-Oct-2017

22-Jun-2017

27-Sep-2016

15-Apr-2016

30-Sep-2015

17-Apr-2015

01-Oct-2014

18-Mar-2014

18-Mar-2013

20-Jun-2012

22-Jun-2011

28-Jun-2010

08-Jul-2009

23-Sep-2008

14-Sep-2007

08-Sep-2006

06-Dec-2005

09-Sep-2005

06-May-2004

31-Oct-2002

03-Oct-2000

Rating :

BBB+

A-

Action :

Affirmed

Review - No Action

Affirmed

Review - No Action

Affirmed

Review - No Action

Affirmed

Review - No Action

Downgrade

Review - No Action

Affirmed

Review - No Action

Affirmed

Review - No Action

Affirmed

Downgrade

Affirmed

Revision IDR

Affirmed

New Rating

02Rating Actions

Rating Action Commentary / Thu 03 Apr, 2025

��ֳ� Affirms OGE's and Oklahoma Gas & Electric's Long-Term IDRs; Outlook Stable

Rating Action Commentary / Mon 06 May, 2024

��ֳ� Rates OGE's Senior Unsecured Notes 'BBB+'

Rating Action Commentary / Thu 02 May, 2024

��ֳ� Affirms OGE's and Oklahoma Gas & Electric's Long-Term IDRs; Outlook Stable

Rating Action Commentary / Tue 07 Mar, 2023

��ֳ� Affirms OGE's and Oklahoma Gas & Electric's Ratings; Outlook Stable

Rating Action Commentary / Fri 18 Feb, 2022

��ֳ� Affirms Ratings of OGE and Oklahoma Gas & Electric; Outlook Stable

Rating Action Commentary / Fri 16 Oct, 2020

��ֳ� Affirms OGE and Oklahoma Gas & Electric; Outlook Stable

Rating Action Commentary / Thu 17 Oct, 2019

��ֳ� Affirms OGE and Oklahoma Gas & Electric; Outlook Stable

Rating Action Commentary / Wed 01 Aug, 2018

��ֳ� Downgrades OGE Energy Corp to 'BBB+' and OG&E to 'A-'; Outlook Stable

Rating Action Commentary / Thu 22 Jun, 2017

��ֳ� Affirms OGE and Oklahoma Gas & Electric; Outlook Stable

Rating Action Commentary / Fri 15 Apr, 2016

��ֳ� Affirms OGE and Oklahoma Gas & Electric; Outlook Stable

Rating Action Commentary / Fri 17 Apr, 2015

��ֳ� Affirms OGE and Oklahoma Gas & Electric; Outlook Stable

Rating Action Commentary / Thu 20 Nov, 2014

��ֳ� Rates OGE's Senior Notes 'A-'; Outlook Stable

Rating Action Commentary / Wed 01 Oct, 2014

��ֳ� Affirms 99 U.S. Utility, Power & Gas Companies' Ratings

Rating Action Commentary / Tue 18 Mar, 2014

��ֳ� Affirms OGE and Oklahoma Gas & Electric; Outlook Stable

Rating Action Commentary / Mon 18 Mar, 2013

��ֳ� Affirms OGE's Ratings Following JV Announcement

Rating Action Commentary / Wed 20 Jun, 2012

��ֳ� Downgrades OGE Energy Corp.'s IDR to 'A-'; Affirms Subsidiaries

Rating Action Commentary / Wed 22 Jun, 2011

��ֳ� Affirms OGE Energy, OG&E and Enogex; Outlook Stable

Rating Action Commentary / Mon 28 Jun, 2010

��ֳ� Downgrades OG&E's IDR to 'A'; Outlook Stable; Affirms OGE Energy and Enogex

Rating Action Commentary / Tue 10 Nov, 2009

��ֳ� Rates Enogex's Senior Notes 'BBB'; Outlook Stable

Rating Action Commentary / Wed 08 Jul, 2009

��ֳ� Affirms OGE Energy and Oklahoma Gas & Electric's Ratings; Outlook Stable

Rating Action Commentary / Tue 23 Sep, 2008

��ֳ� Affirms OGE Energy at 'A', Places Enogex on Watch Negative on JV Announcement

Rating Action Commentary / Thu 04 Sep, 2008

��ֳ� Rates Oklahoma Gas & Electric's $250MM 6.35% Notes 'AA-'; Outlook Stable

Rating Action Commentary / Fri 14 Sep, 2007

��ֳ� Affirms OGE Energy Corp.'s L-T IDR at 'A'

Rating Action Commentary / Fri 08 Sep, 2006

��ֳ� Affirms OGE Energy & Subsidiaries; Outlook Stable

Rating Action Commentary / Fri 09 Sep, 2005

OGE Energy & Subsidiaries Affirmed By ��ֳ�; Rating Outlook Stable

Rating Action Commentary / Tue 09 Nov, 2004

��ֳ� Rates OGE Energy Corp's $100MM Senior Notes 'A'

Rating Action Commentary / Thu 06 May, 2004

OGE Energy & Subsidiaries Affirmed By ��ֳ�; Rating Outlook Stable

Rating Action Commentary / Thu 31 Oct, 2002

OGE Energy & Subsidiaries Affirmed By ��ֳ�; Rtg Outlook Stable

03Insights

Rating Report / Wed 07 May, 2025

OGE Energy Corp. and Oklahoma Gas and Electric Company

Rating Report / Thu 09 May, 2024

OGE Energy Corp.; Oklahoma Gas and Electric Company

Special Report / Fri 15 Mar, 2024

4Q23 North American Utilities Earnings Wrap Up Report

Rating Report / Wed 06 Dec, 2023

OGE Energy Corp. and Oklahoma Gas and Electric Company

Non-Rating Action Commentary / Wed 06 Dec, 2023

Deteriorating Outlook for North American Utilities, Power & Gas in 2024

Outlook Report / Wed 06 Dec, 2023

North American Utilities, Power & Gas Outlook 2024

Rating Report / Tue 27 Oct, 2020

OGE Energy Corp. and Oklahoma Gas and Electric Company

Special Report / Wed 06 Nov, 2019

U.S. Utility Parent Companies Handbook (A Detailed Review of Utility Parent Holding Companies)

Rating Report / Tue 29 Oct, 2019

OGE Energy Corp.

Rating Report / Wed 07 Aug, 2019

Oklahoma Gas & Electric Co. (Subsidiary of OGE Energy Corp.)

Special Report / Fri 12 Jul, 2019

Oklahoma Regulatory Review (Restrictive Regulation Challenges IOU Credit Quality)

Navigator Report / Mon 07 Jan, 2019

Oklahoma Gas & Electric Co. - Ratings Navigator

Navigator Report / Mon 07 Jan, 2019

OGE Energy Corp. - Ratings Navigator

Rating Report / Mon 05 Nov, 2018

OGE Energy Corp.

Rating Report / Fri 17 Aug, 2018

Oklahoma Gas & Electric Co. (Subsidiary of OGE Energy Corp.)

Rating Report / Mon 23 Oct, 2017

OGE Energy Corp.

Navigator Report / Wed 05 Jul, 2017

Oklahoma Gas & Electric Co. - Ratings Navigator

Navigator Report / Wed 05 Jul, 2017

OGE Energy Corp. - Ratings Navigator

Navigator Report / Fri 17 Feb, 2017

Oklahoma Gas & Electric Co. - Ratings Navigator

Navigator Report / Thu 16 Feb, 2017

OGE Energy Corp. - Ratings Navigator

Rating Report / Tue 25 Oct, 2016

OGE Energy Corp.

Non-Rating Action Commentary / Fri 29 Apr, 2016

OCC Approval of OG&E's Scrubbers Provides Some Clarity

Non-Rating Action Commentary / Thu 03 Dec, 2015

Oklahoma Commission's Order Raises Credit Concerns for OG&E and OGE

Rating Report / Wed 28 Oct, 2015

OGE Energy Corp.

Navigator Report / Fri 27 Feb, 2015

OGE Energy Corp. - Ratings Navigator

Rating Action Report / Wed 01 Oct, 2014

��ֳ� Affirms 99 U.S. Utility, Power & Gas Companies' Ratings

Non-Rating Action Commentary / Wed 28 May, 2014

Supreme Court Decision Won't Affect OG&E's Ratings

Rating Report / Fri 27 Apr, 2012

OGE Energy Corp.

Non-Rating Action Commentary / Wed 06 Oct, 2010

OGE Energy's Ratings Unchanged Following Agreement to Sell Stake in Enogex

Rating Report / Tue 20 Jul, 2010

Enogex, LLC (A Subsidiary of OGE Energy Corp.)

Rating Report / Tue 20 Jul, 2010

OGE Energy Corp.

Rating Report / Tue 20 Jul, 2010

Oklahoma Gas & Electric Company (A Subsidiary of OGE Energy Corp.)

Rating Report / Mon 03 Aug, 2009

Credit Analysis: Enogex. LLC (A Subsidiary of OGE Energy, Inc)

Rating Report / Mon 03 Aug, 2009

Credit Analysis: Oklahoma Gas & Electric Company (A Subsidiary of OGE Energy, Inc.)

Rating Report / Mon 03 Aug, 2009

Credit Analysis: OGE Energy, Inc.

Non-Rating Action Commentary / Fri 29 Jun, 2007

OGE Energy Plans for Master Limited Partnership Won't Affect Ratings

Rating Report / Tue 26 Sep, 2006

Credit Update: OGE Energy Corp.

Rating Report / Tue 26 Sep, 2006

Credit Update: Enogex Inc. (A Subsidiary of OGE Energy Corp.)

Rating Report / Tue 26 Sep, 2006

Credit Update: Oklahoma Gas & Electric Co. (A Subsidiary of OGE Energy Corp.)

Rating Report / Thu 03 Jun, 2004

Credit Update: OGE Energy Corp.

Rating Report / Mon 25 Nov, 2002

Credit Update on Oklahoma Gas & Electric Co.

Rating Report / Mon 25 Nov, 2002

Credit Update on OGE Energy Corp.

Rating Report / Mon 25 Nov, 2002

Credit Update on Enogex Inc.

Non-Rating Action Commentary / Wed 06 Feb, 2002

��ֳ� Comment: Oklahoma G&E Announces Storm Damage

Rating Report / Fri 28 Sep, 2001

Enogex, Inc.

Rating Report / Fri 28 Sep, 2001

OGE Energy Corp.

Rating Report / Fri 28 Sep, 2001

Oklahoma Gas & Electric Co.

Rating Report / Wed 23 May, 2001

OGE Energy Corp.

Rating Report / Tue 17 Oct, 2000

Oklahoma Gas & Electric Co.

Rating Report / Tue 17 Oct, 2000

Enogex, Inc.

04Sector Outlooks

Outlook Report / Thu 12 Dec, 2024

U.S. Public power and Electric Cooperatives Outlook

Outlook Report / Fri 08 Dec, 2023

North American Midstream Energy Outlook 2024

Outlook Report / Thu 07 Dec, 2023

U.S. Public Power and Electric Cooperatives Outlook 2024

Outlook Report / Wed 06 Dec, 2023

North American Utilities, Power & Gas Outlook 2024

Outlook Report / Tue 27 Jun, 2023

Global Corporates Mid-Year Outlook 2023

Outlook Report / Wed 07 Dec, 2022

North American Utilities, Power & Gas Outlook 2023

Outlook Report / Tue 06 Dec, 2022

U.S. Public Power and Electric Cooperatives Outlook 2023

Outlook Report / Fri 17 Dec, 2021

��ֳ� 2022 Outlook: U.S. Public Finance

Outlook Report / Tue 07 Dec, 2021

��ֳ� 2022 Outlook: U.S. Public Power and Electric Cooperatives

Outlook Report / Thu 02 Dec, 2021

��ֳ� 2022 Outlook: North American Utilities, Power and Gas

Outlook Report / Wed 06 Jan, 2021

��ֳ� 2021 Outlook Compendium: U.S. Public Finance

Outlook Report / Mon 21 Dec, 2020

��ֳ� 2021 Outlook: U.S. Public Power and Electric Cooperatives -- Amended

Outlook Report / Wed 09 Dec, 2020

��ֳ� 2021 Outlook: North American Utilities, Power & Gas

Outlook Report / Fri 03 Jan, 2020

��ֳ� 2020 Outlook: U.S. Public Finance (Outlook Compendium Report)

Outlook Report / Thu 12 Dec, 2019

��ֳ� 2020 Outlook: U.S. Public Power and Electric Cooperatives (Strong Affordability and Deleveraging Support Stable Outlook)

Outlook Report / Wed 04 Dec, 2019

��ֳ� 2020 Outlook: North American Utilities, Power & Gas (Constructive Regulation Supports Recovery in Credit Metrics)

Outlook Report / Mon 28 Jan, 2019

��ֳ� 2019 Outlook: U.S. Corporates (Near-Term Stability amid Global Uncertainty)

Outlook Report / Thu 06 Dec, 2018

��ֳ� 2019 Outlook: U.S. Public Power and Electric Cooperative Sector (Strong Affordability and Favorable Operating Environment Support Stable Outlook)

Outlook Report / Wed 28 Nov, 2018

��ֳ� 2019 Outlook: U.S. Utilities, Power & Gas (Supportive Regulation and Focus on Deleveraging Supports Stable Outlook)

Outlook Report / Mon 08 Jan, 2018

��ֳ� 2018 Outlook: Global Corporate Overview

Outlook Report / Thu 21 Dec, 2017

��ֳ� 2018 Outlook: U.S. Corporates (Synchronized Global Growth Supports Fundamental Stability)

Outlook Report / Wed 06 Dec, 2017

��ֳ� 2018 Outlook: U.S. Public Power and Electric Cooperative Sector

Outlook Report / Wed 22 Nov, 2017

��ֳ� 2018 Outlook: U.S. Utilities, Power & Gas (Supportive Regulation and Low Commodity Costs Support Stable Outlook)

Outlook Report / Thu 15 Dec, 2016

2017 Outlook: U.S. Public Power and Electric Cooperative Sector

Outlook Report / Mon 12 Dec, 2016

2017 Outlook: U.S. Corporates (Fundamental Stability amid Growth Challenges)

Outlook Report / Tue 29 Nov, 2016

2017 Outlook: U.S. Utilities, Power & Gas (The Rising Undercurrents)

Outlook Report / Wed 13 Jul, 2016

2016 Midyear Outlook: Energy Infrastructure North America (Contracted Revenues Underpin Stable Cash Flows)

Outlook Report / Wed 10 Feb, 2016

2016 Outlook: U.S. Corporates (Fundamental Stability amid Market Volatility)

Outlook Report / Fri 11 Dec, 2015

2016 Outlook: U.S. Utilities, Power and Gas (Glimpse of the Dark Side )

Outlook Report / Wed 09 Dec, 2015

2016 Outlook: U.S. Public Power and Electric Cooperative Sector

Outlook Report / Tue 23 Jun, 2015

2015 Midyear Outlook: Latin America Infrastructure (Steady Performance in a Slower Growing Region)

Outlook Report / Tue 20 Jan, 2015

2015 Outlook: U.S. Corporates (Solid U.S. Economic Growth Supports Stable Outlooks)

Outlook Report / Tue 16 Dec, 2014

2015 Outlook: U.S. Utilities, Power and Gas (Slow and Steady)

Outlook Report / Wed 10 Dec, 2014

2015 Outlook: U.S. Public Power and Electric Cooperative Sector (Steady as She Goes)

Outlook Report / Tue 04 Feb, 2014

2014 Outlook: U.S. Corporates (Stable Outlook with Improving Trends)

Outlook Report / Thu 12 Dec, 2013

2014 Outlook: Utilities, Power, and Gas (Electricity Sales Unplugged)

Outlook Report / Thu 12 Dec, 2013

2014 Outlook: U.S. Public Power and Electric Cooperative Sector (Calm Under Pressure)

Outlook Report / Mon 22 Jul, 2013

2013 Midyear Outlook: Latin America Infrastructure

Outlook Report / Mon 08 Jul, 2013

2013 Midyear Outlook: Energy Infrastructure North America

Outlook Report / Fri 07 Dec, 2012

2013 Outlook: Utilities, Power, and Gas

Outlook Report / Thu 06 Dec, 2012

2013 Outlook: U.S. Public Power and Electric Cooperative Sector -- Nothing Shocking

Outlook Report / Wed 18 Jan, 2012

Accounting and Financial Reporting -- 2012 Global Outlook

Outlook Report / Thu 05 Jan, 2012

2012 Outlook: U.S. Corporate Credit

Outlook Report / Thu 22 Dec, 2011

��ֳ� U.S. High Yield Default Insight -- 2012 Outlook

Outlook Report / Fri 16 Dec, 2011

2012 Outlook: Professional U.S. Sports

Outlook Report / Wed 07 Dec, 2011

2012 Outlook: U.S. Public Power and Electric Cooperative Sector

Outlook Report / Mon 05 Dec, 2011

2012 Outlook: Utilities, Power, and Gas

Outlook Report / Wed 30 Mar, 2011

2011 Outlook: U.S. Public Finance Sector Profiles

Outlook Report / Tue 18 Jan, 2011

2011 Outlook: U.S. Public Power and Electric Cooperative Sector

Outlook Report / Mon 20 Dec, 2010

2011 Outlook: U.S. Utilities, Power, and Gas

05Securities and Obligations

Issuer: OGE Energy Corp.
Debt Level: senior unsecured
Issue: USCP

03-Apr-2025
F2
Affirmed
Short Term Rating

Rating History

Country: United States
Sectors: Corporate Finance; Utilities and Power
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

senior unsecured; commercial paper

Program: USCP
Currency: USD
Market: US
Placement: Public

Issuer: OGE Energy Corp.
Debt Level: senior unsecured
Issue: USD 350 mln 5.45% Senior Notes Series due 15-May-2029

03-Apr-2025
BBB+
Affirmed
Long Term Rating

Rating History

Country: United States
Sectors: Corporate Finance; Utilities and Power
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

senior unsecured; bond/note
ISIN: US670837AD53 (Public)
CUSIP: 670837AD5 (Public)

Maturity Date: 15-May-2029
Currency: USD
Amount: 350,000,000
Coupon Rate: 5.45%
Placement: Public

Page

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06��ֳ� Adjusted Financials

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07Disclosures

Original Rating Date
Long Term Issuer Default Rating	03-Oct-2000
Short Term Issuer Default Rating	03-Oct-2000

Endorsement Status
EU Endorsed, UK Endorsed

Country of ��ֳ� Office
UNITED STATES

Solicitation Status
Long Term Issuer Default Rating	Solicited - Sell Side
Short Term Issuer Default Rating	Solicited - Sell Side

Country of Analyst
UNITED STATES

08Identifiers

Type:	CIK Code	CUSIP	Dow Jones Ticker	ICB	LEI
Identifier:	0001021635	670837	OGE	577	CE5OG6JPOZMDSA0LAQ19

09Criteria

06Dec
2024

Active Criteria

10Analysts

Philip Smyth, CFA
Primary Rating Analyst

Mayur Deval
Secondary Rating Analyst

Credit-Relevant ESG Scale

How relevant are E, S and G issues to the overall credit rating?

5		Highly relevant, a key rating driver that has a significant impact on the rating on an individual basis. Equivalent to "higher" relative importance within Navigator.
4		Relevant to rating, not a key rating driver but has an impact on the rating in combination with other factors. Equivalent to "moderate" relative importance within Navigator
3		Minimally relevant to rating, either very low impact or actively managed in a way that results in no impact on the entity rating. Equivalent to "lower" relative importance within Navigator.
2		Irrelevant to the entity rating but relevant to the sector.
1		Irrelevant to the entity rating and irrelevant to the sector

* ESG Relevance is applicable for international scale ratings only

Ratings Key	Outlook	Watch
Positive
Negative
Evolving
Stable

* Ratings displayed in orange denotes EU or UK Unsolicited and Non-Participatory Ratings

Where there was a review with no rating action (Review – No Action), please refer to the “Latest Rating Action Commentary” for an explanation of key rating drivers

*Premium Content is displayed in ��ֳ� Red

01Ratings

Rating History

02Rating Actions

03Insights

04Sector Outlooks

05Securities and Obligations

06���������ֳ� Adjusted Financials

07Disclosures

08Identifiers

09Criteria

10Analysts

06��ֳ� Adjusted Financials