S&P affirms Arrowhead

Standard & Poor's said that it affirmed its B- counterparty credit rating on Arrowhead General Insurance Agency Inc.

The agency also said that it removed the rating from Creditwatch with negative implications.

The outlook on Arrowhead is negative.

At the same time, the agency said it revised its recovery rating on Arrowhead's senior secured credit facilities to 3 from 2, adding that it lowered its issue-level rating on these loans to B- from B.

"Today's rating actions reflect the receipt of Arrowhead's 2008 financial information, the receipt of amended credit agreements and covenants, discussions with Arrowhead's management and its primary private equity investor, and its updated analysis," noted S&P credit analyst Michael Gross.

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