...August 12, 2024 NEW YORK (S&P Global Ratings) Aug. 12, 2024--S&P Global Ratings today assigned its '###-' issue-level rating to the new five-year senior unsecured notes proposed by global distributor of semiconductor, software, storage, and server products and services Arrow Electronics Inc. The company intends to use the net proceeds to repay its outstanding $500 million notes due in 2024. The rating matches those of the company's existing senior unsecured notes. All our existing ratings including our '###-' issuer credit rating and stable outlook, are unchanged. We now expect Arrow's revenues to decline by about 16% in 2024, compared to our previous expectation of about 10%. It remains difficult to predict the timing and shape of a recovery from the ongoing cyclical inventory correction that Arrow faces. However, the company notes that bookings improved sequentially in the second quarter of 2024, suggesting that a revenue recovery may occur in 2025 if this trend continues. We currently...
