Arrow Financial Services recently closed its first deal since the third quarter of 2002, a $40 million, self-brokered securitization of consumer debt. Arrow's deals are typically backed by a hodgepodge of assets, such as charged-off utility bills and credit card receivables. This was the first Arrow deal to be treated as debt for accounting and debt for tax purposes (previous deals have used sale accounting). Moody's Investors Service was the sole agency on Arrow's most recent deal.

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