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Fitch views Ares Capital positively
Fitch Ratings said it revised its outlook for Ares Capital Corp. to positive from stable and affirmed its BBB ratings.
“The positive outlook reflects Ares' strong and differentiated asset quality, operating consistency, capital markets access and dividend coverage through a variety of economic and market cycles. While competition in the direct lending market is expected to remain intense, with variability in deal spreads and terms over time, a one-notch upgrade of the rating over the next 12-24 months could be supported by the maintenance of strong absolute and relative asset quality performance and a reduction in accrued paid-in-kind (PIK) balances and PIK as a percentage of investment income,” Fitch said in a press release.
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