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Summary: Oyster Bay; General Obligation
Standard & Poors, May 2008
The upgrade to 'AAA' from 'AA' on Oyster Bay, N.Y.'s public improvement (serial) bonds reflects the town's strong financial position and good management. In addition, Standard & Poor's Ratings Services assigned its 'AAA' rating to the series 2008 bonds. The ratings on Oyster Bay reflect its: Strong local economy with easy access to New York City, Strong wealth and income levels, Rapid tax base appreciation, Very strong financial position, and Moderate-to-high overall debt burden. The series 2008 bonds are secured by the town's full faith and credit GO pledge. The proceeds, along with $65,000 in budgeted appropriations, will be used to retire $16.265 million in BANs outstanding, while providing $10.9 million in new funds for various capital projects. In addition,...
Companies mentioned in this report are: Oyster Bay Twn
Action: New Rating
Action: Outlook: Stable
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Oyster Bay Twn