On Oct. 10, 2002, Standard&Poor's Ratings Services lowered its corporate credit rating on Arrow Electronics Inc. to 'BBB-' from 'BBB' 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 resulted in steep revenue and earnings declines since fiscal 2000, particularly in the electronic components sector. Arrow reported revenues of $1.8 billion in the quarter ended June 30, 2002, down 23% from the prior
