NEW YORK (Standard&Poor's) Oct. 9, 2002-- Standard&Poor's Ratings Services said today that it lowered its corporate credit rating on Arrow Electronics Inc. to triple-'B'-minus from triple-B' and removed it from CreditWatch where it had been placed with negative implications on July 26, 2002. The downgrade reflects a leveraged financial profile and weak debt protection measures. The outlook is negative. Total debt outstanding is about $2.1 billion. Melville, N.Y.-based Arrow is one of the leading global electronic components and computer products distributors. However, economic weakness and reduced levels of technology spending have resulted in steep revenue and earnings declines since 2000, particularly in the electronic components sector. Arrow reported revenues of $1.8 billion in the June 2002
