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Moody's may cut Ares Capital
Moody's Investors Service said it placed Ares Capital Corp.'s Ba1 issuer rating on review for possible downgrade.
In a related action, Moody's said it placed Allied Capital Corp.'s B1 issuer and senior unsecured ratings on review for possible upgrade.
These rating actions follow Ares' announcement that it has agreed to acquire 100% of Allied in an all stock transaction, the agency noted, adding that the transaction is expected to close in the first quarter of 2010.
As a result, Ares will inherit Allied's significant short-term maturities and troubled investment portfolio, putting pressure on its credit profile, Moody's added.
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