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Oyster Bay Town, NY GO Debt Rating Lowered To 'AA' Due To Weakened Financial Position; Outlook Is Negative Aug 11
Standard & Poors, August 2011
NEW YORK (Standard & Poor's) Aug. 2, 2011--Standard & Poor's Ratings Services said it lowered its long-term rating to 'AA' from 'AAA' on the town of Oyster Bay, N.Y's general obligation (GO) bonds. The outlook is negative. At the same time, we assigned an 'SP-1+' rating to the town's series 2011B bond anticipation notes (BANs). "The downgrade is based on a significant deterioration in town's financial position and the lack of a plan to improve financial operations," said Standard & Poor's credit analyst Kate Hackett. The BANs are secured by the town's faith and credit GO pledge. Proceeds will be used to renew outstanding BANs and fund various capital projects. The 'AA' rating reflects our assessment of the town's: Financial...
Companies mentioned in this report are: Oyster Bay Twn
Action: New Rating
Action: Outlook: Negative
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.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Oyster Bay Twn