Fitch affirms Ares Capital

Fitch Ratings said it affirmed Ares Capital Corp.'s long-term issuer default rating at BBB and senior secured debt at BBB and removed them from Rating Watch Negative following the closing of the Allied Capital Corp. acquisition. Allied's senior unsecured debt rating was upgraded to BBB- from B+ with a recovery rating of RR4.

The outlook is stable.

The removal from negative watch reflects the company's ability to meet financial and non-financial targets articulated following news of the Allied acquisition in October 2009, Fitch said.

Pro forma leverage is expected to be at or below the 0.65x to 0.75x target, the agency said, due to Allied's significant asset sales and debt repayments.

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