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S&P rates Ares Capital notes BBB-
S&P said it assigned its BBB- debt rating to Ares Capital Corp.'s planned $1 billion of unsecured notes due 2029.
The rating is in line with those on Ares’ outstanding senior unsecured notes.
Ares expects to use the proceeds to repay borrowings from its revolving credit facility. As of Dec. 28, there was $1.4 billion outstanding, the revolving funding facility with $888 million outstanding, the SMBC funding facility with $401 million outstanding, and/or the BNP funding facility with $575 million outstanding.
The outlook is stable.
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