We study the far field spatial distribution of the quantum fluctuations in the transverse profile of the output light beam generated by a type II Optical Parametric Oscillator below threshold, including the effects of transverse walk-off. We study how quadrature field correlations depend on the polarization. We find spatial EPR entanglement in quadrature-polarization components: For the far field points not affected by walk-off there is almost complete noise suppression in the proper quadratures difference of any orthogonal polarization components. We also investigate nonclassical polarization properties in terms of the Stokes operators. We find no polarization squeezing. We show the entanglement of the state of symmetric intense, or macroscopic, spatial light modes. We find perfect correlations in all Stokes parameters measured in opposite far field points in the direction orthogonal to the walk-off