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Fitch shifts Ares Capital view to stable
Fitch Ratings said it affirmed Ares Capital Corp.'s BBB ratings and revised the outlook to stable from negative.
“The outlook revision reflects the improvement in the firm's asset quality metrics, as evidenced by declines in non-accruals on a cost and fair value basis, a reduction in paid-in-kind (PIK) accruals, and the recognition of unrealized portfolio appreciation and net realized gains in 1H21. Fitch believes these improvements in credit, in combination with strong origination activity and earnings and growth in balance sheet equity, resulting from capital raising activities, reduce the downside risk to the firm's asset coverage cushion,” the agency said in a press release.
Fitch noted the ratings of Ares Management Corp., the parent company of Ares' external manager, Ares Capital Management, LLC, are unaffected by these actions.
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