We study theoretically the squeezing spectrum and second-order correlation function of the output light for an optomechanical system in which a mechanical oscillator modulates the cavity linewidth (dissipative coupling). We find strong squeezing coinciding with the normal-mode frequencies of the linearized system. In contrast to dispersive coupling, squeezing is possible in the resolved-sideband limit simultaneously with sideband cooling. The second-order correlation function shows damped oscillations, whose properties are given by the mechanical-like, the optical-like normal mode, or both, and can be below shot-noise level at finite times, .