Standard & Poor's yesterday dropped the town of West New York, N.J., to BB from BBB-minus, as the municipality has yet to adopt a budget for fiscal 2009, which ends June 30. The town remains on CreditWatch with negative implications.

West New York, located across from Manhattan over the Hudson River, has $37.1 million of outstanding debt. Moody's Investors Service and Fitch Ratings do not rate the credit.

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