Arrow Financial Services recently closed its fourth securitization of charged-off consumer receivables - its third issuance from its Master Trust, created in December of 1999. Moody's Investors Service rated the $29.5 million of securities investment grade. This is Arrow's largest deal to date (see ASR 5/06/02).

The transaction was structured with a six-month duration, floating-rate top class and a 12-month duration fixed-rate sub-class, with a weighted average coupon of just over 4%.

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