Moody's: Allied Capital still on review

Moody's Investors Service said it is continuing its review of Ares Capital Corp.'s Ba1 issuer rating for possible downgrade and Allied Capital Corp.'s B1 issuer and senior unsecured ratings for possible upgrade.

These ratings were placed on review in October of last year, Moody's said, after Ares agreed to acquire 100% of Allied in an all stock transaction. The transaction is expected to close in the first quarter of 2010.

The review will focus on completion of the proposed transaction, refinancing risks and achievement of the targeted debt-to-equity ratio of 0.65x to 0.75x, the agency said.

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