S&P rates Arrow Global notes BB

S&P said it affirmed the BB- long-term issuer 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.

The 2 recovery rating indicates 70% to 90% expected default recovery.

S&P also said it affirmed the BB ratings on the existing senior secured notes.

The outlook is stable.

The rating actions follow news that Arrow Global's subsidiary, Arrow Global Finance, is refinancing its existing €230 million senior secured floating- rate notes due 2023.

The proposed refinancing does not affect the rating on the company or its financial risk profile, S&P said.

Arrow Global Finance is refinancing the notes prior to the call date, which is viewed as an opportunistic exchange, the agency noted.

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