S&P changes Ares outlook to positive

S&P said it changed its outlook for Ares Capital Corp. to positive from stable and affirmed the BBB- ratings on the issuer and its debt.

“The outlook revision reflects ARCC's strength of market position and its long operating history with consistent investment portfolio performance. In our opinion, ARCC has one of the best market positions in the business development company (BDC) industry, reflecting its scale, deep and experienced investment team, and affiliation with Ares Management,” S&P said in a statement.

The agency noted ARCC’s investment portfolio at cost was $22.7 billion at Dec. 31, up from $22 billion a year ago.

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