July 25, 2013 / 3:37 PM / 4 years ago

S&P may cut Oyster Bay, New York's A GO rating

July 25 (Reuters) - Standard & Poor’s Ratings Services said on Thursday it may cut Oyster Bay, New York’s A general obligation bond rating and has put the rating on CreditWatch with negative implications.

“The CreditWatch reflects our view that if a voter referendum for a property sale fails to pass on Aug. 20, or the sale does not otherwise proceed as planned, the town could have difficulty meeting its financial obligations,” said Standard & Poor’s credit analyst Lindsay Wilhelm.

If the property sale is successful and the sale closes quickly the proceeds could help stabilize the town’s deficit reserve position, the rating agency said in a statement.

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