U.S. Markets closed

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

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

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

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