S&P cuts Oyster Bay, N.Y. GO rating to A-minus

Reuters

Oct 25 (Reuters) - Standard & Poor's Ratings Services saidon Friday it cut Oyster Bay, New York's general obligation bondrating to A-minus from A and removed the rating from possibledowngrade.

The rating action reflects S&P's new local GO criteria andits view of the town's deficit general fund reserves in fiscalyears 2011 and 2012, the rating agency said in a statement.

S&P said the town's outlook is stable reflecting its weakfinancial position caused by years of structural decline offsetby one-time revenues from the executed land sale which hasprovided at least a temporary boost to reserves and liquidity.

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