S&P affirms Arrow Global

S&P said it affirmed its BB- long-term issuer credit rating on Arrow Global Group plc.

The outlook is stable.

At the same time, the agency affirmed the BB issue rating and recovery rating of 2 on the existing senior secured notes issued by Arrow Global Finance plc, indicating an expectation of substantial recovery (70%-90%; rounded estimate: 70%) in the event of a payment default.

S&P said the affirmation and outlook reflect an expectation that the group will deleverage throughout 2018-2019 while maintaining strategic focus on geographical diversification away from the U.K. market, as well as growing debt servicing revenues rather than debt purchasing.

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