OKLAHOMA CITY (AP) - A recent report says low oil prices and the oil industry slowdown continue to create financial challenges in Oklahoma and other oil-dependent states.

The Oklahoman  reports that Moody's Investors Service released its report on Wednesday.

The report analyzed direct revenue effects, including production taxes and revenues, and indirect revenue effects, such as industry spending cutbacks and layoffs, and the ability of the state to adapt to the ongoing challenges.

Moody's has given Oklahoma's credit the company's third-highest rating. The company says it expects gross production tax revenues will remain well below collections in previous years because of expectations for oil prices to remain in the $40 to $60 per barrel range.