S&P puts Arrow Global on watch

S&P said it placed the BB- ratings for Arrow Global Group plc’s and its senior secured notes on CreditWatch with negative implications.

The agency said the CreditWatch reflects the take-private deal between Arrow and TDR capital, which the agency expects to hurt Arrow’s financial position.

“We also expect Arrow's earnings to be more subdued after 2020, a tough year in which Arrow revised down its expected future collections. Under our base case, we predict the group's cash and statutory EBITDA metrics will not recover to pre-pandemic levels before late 2022,” S&P said in a press release.

The agency said that a likely one-notch downgrade is in store for Arrow and its debt once the deal closes.

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