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S&P cuts Arrow Global notes
S&P said it downgraded Arrow Global Group plc’s senior secured notes to BB- from BB.
The downgrade follows Arrow reporting a £134 million impairment on its receivables portfolio and a second asset-backed funding facility, S&P said.
“The £134 million impairment and completion of its second asset-backed facility have materially weakened recovery prospects for Arrow's senior secured notes,” S&P said in a press release.
The agency affirmed Arrow’s BB- issuer rating.
The outlook is negative.
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