Moody's rates Arrow notes B2

Moody's Investors Service said it assigned a B2 corporate family rating to Arrow Global Guernsey Holdings Ltd. and a definitive B2 rating to the £220 million of long-term senior secured bonds issued by Arrow Global Finance plc. The outlook is stable.

The B2 corporate family rating reflects Arrow's market share, improving profitability metrics, adequate risk management practices and stable operating cash flow, the agency said.

Moody's also sees constraints to the rating due to the firm's monoline business model, relatively modest level of capital, potential litigation risks arising from outsourcing its debt collection process and its relatively high pricing risk in terms of valuation of its debt portfolio.

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