On Dec. 19, 2005, Standard&Poor's Ratings Services affirmed its 'BBB-' corporate credit rating on Melville, N.Y.-based Arrow Electronics, Inc., and revised its outlook to stable from negative. The outlook revision reflects Arrow's improving financial profile, and our expectations that the company will maintain leverage levels appropriate for the rating. The ratings on Arrow Electronics, Inc. reflect a leading market position and good operating performance in the face of challenging industry conditions. These factors are offset by highly competitive, relatively low-margin industry characteristics, as well as variable profitability and debt protection metrics because of volatility in industry demand. Arrow is one of the leading global electronic components and computer products distributors. Arrow reported revenues of $2.7 billion in the
