S&P ups ARES to positive

Standard & Poor's said that it revised the outlook on ARES Capital Corp. to positive from stable and affirmed all ratings on ARES, including the BBB long-term counterparty credit and senior unsecured debt ratings.

The outlook change reflects the opinion that ARES has maintained strong capital and improved its financial metrics since the Allied Capital acquisition in April 2010, the agency said.

The firm enhanced its market position and its portfolio diversification with respect to asset-class and industry, the agency added. ARES also substantially delivered on its stated goal of repositioning the Allied portfolio into higher-yielding assets by reducing nonaccrual loan metrics and improving its interest-coverage ratio.

The ratings reflect the company's improved market position, which is characterized by its $13 billion of committed capital under management as of March 31, the agency added.

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