S&P rates Arrow Electronics notes BBB-

Standard & Poor’s said it affirmed its BBB- long-term corporate credit rating and A-3 short-term corporate credit rating on Arrow Electronics Inc. The outlook is stable.

At the same time, S&P assigned a BBB- issue-level rating to the company’s proposed senior unsecured notes.

S&P said the affirmation reflects its assessment of Arrow’s financial risk profile as “intermediate,” which the proposed debt issuance does not affect.

“We expect Arrow’s leverage to remain in the low- to mid-2x area post-debt issuance, with proceeds from the debt issuance to be used for repayment of upcoming debt maturities, funding for acquisitions, shareholder repurchases, or cash building,” the agency said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.