S&P gives Arrowhead loans B-, CCC

Standard & Poor's said it assigned its B- counterparty credit rating and negative outlook to Arrowhead General Insurance Agency Inc.

At the same time, S&P said it assigned B- ratings to Arrowhead's first-lien senior secured bank loan and first-lien revolving credit facility as well as its CCC rating to the company's second-lien secured debt.

The first-lien recovery rating is 3 and the second-lien recovery rating is 6.

"The ratings on Arrowhead reflect its strained cash flow and diluted capital quality following the leveraged majority investment in Arrowhead by California-based Spectrum Equity Investors in 2006," said credit analyst Jieqiu Fan.

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