S&P cuts Arrow Global

S&P said it lowered Arrow Global Group plc’s issuer rating to B+ from BB- and the rating on its senior secured notes sold by Arrow Global Finance plc to B+. The notes’ recovery rating remains 3, reflecting an expectation of meaningful recovery (50%-70%; rounded estimate: 50%) in default.

The downgrade follows Sherwood Parentco Ltd.’s acquisition of Arrow. Sherwood’s preliminary issuer rating is B+. It funded the acquisition with about £1.2 billion equivalent of new senior secured notes.

The outlook is stable in line with Sherwood’s.

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