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Moody's drops Ares Capital to junk
Moody's Investors Service said it downgraded Ares Capital Corp.'s issuer rating to Ba1 from Baa3.
The outlook is negative.
The downgrade reflects Ares' fourth quarter loss of $111 million, its second consecutive quarterly loss and the risk for additional losses from unrealized mark-to-market charges on the company's investment portfolio, the agency said.
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