NEW YORK (Standard&Poor's CreditWire) Feb. 13, 2001--Standard&Poor's today lowered the ratings for Arrow Electronics Inc. (see list below) and removed them from CreditWatch, where they had been placed with negative implications on Dec. 22, 2000. The downgrade reflects Standard&Poor's current expectation, based on Arrow's proposed zero-coupon senior convertible debt issue and recent discussions with management, that the company will not be issuing common equity by March 31, 2001, as had previously been anticipated. Standard&Poor's also affirmed Arrow's 'A-2' commercial paper rating, and assigned its triple-'BBB' rating to the company's proposed $1.1 billion (approximately $500 million gross proceeds) zero-coupon senior convertible debt due 2021. The outlook is stable. Ratings on Arrow reflect a
