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S&P: Arrow Global notes BB
S&P said it affirmed the BB- long-term counterparty credit rating on Arrow Global Group plc.
The agency also said it assigned a BB rating and recovery rating of 2 on the senior secured notes issued by Arrow Global Finance plc.
S&P also affirmed the BB ratings on the company’s existing senior secured notes.
The outlook is stable.
The proposed refinancing of Arrow Global's £220 million senior secured notes does not affect the rating on the group or its financial risk profile, S&P explained.
Credit metrics should remain in line with existing expectations despite the potential for a slight incremental increase in debt and a modest reduction in the company's interest expense on the back of lower debt repayments, the agency said.
Organic growth of Arrow Global's debt portfolios and recent acquisitions and partnerships will contribute to the stable credit metrics over the next 12- to 18-months, S&P added.
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