Fitch rates Ares convertibles BBB

Fitch Ratings said it assigned a rating of BBB to Ares Capital Corp.'s $200 million of 5.125% convertible notes due June 2016.

The outlook is stable.

Proceeds are expected to be used to repay or repurchase outstanding borrowings, which may include secured debt under the company's revolving facilities and/or redeeming the $161.2 million of notes due April 2012, and for other general corporate purposes, which may include funding investments in its investment backlog and pipeline.

The company's long-term issuer default rating, senior secured debt, senior unsecured debt and convertibles remain rated at BBB.

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