NEW YORK (Standard&Poor's CreditWire) Oct. 5, 1999--Standard&Poor's today lowered its ratings on Arrow Electronics Inc. (see list below). The downgrade reflects the company's more leveraged financial profile, and weakened debt protection measures. The outlook is now stable. Melville, N.Y.-based Arrow has built its position as one of the leading global electronic components and computer products distributors through ongoing acquisitions. Historically, Arrow has been able to offset gross profit margin pressures with effective cost management and economies of scale gained through successful integration of acquisitions. However, weak electronic component pricing and demand have negatively impacted profitability over the past two years. Arrow's operating margin (before depreciation and amortization) is expected to remain about 5% in the near
