S&P upgrades Arrow Global

S&P said it raised the long-term counterparty credit rating on Arrow Global Group plc to BB- from B+. The outlook is stable.

S&P also raised the issue rating on the senior secured notes issued by Arrow Global Finance plc to BB from BB-. The recovery rating remains 2, indicating an expectation of recovery in the lower half of the 70%-90% range in case of default.

S&P said the upgrade reflects its view that Arrow Global's financial policy framework and transparency of target credit ratios has led to a stable financial risk profile, which S&P believes will be maintained over the next 12-18 months.

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