Fitch rates Ares notes BBB

Fitch Ratings said it assigned a rating of BBB to Ares Capital Corp.'s $175 million of 5.875% unsecured retail notes due October 2022.

The long-term issuer default rating is BBB.

The outlook is stable.

Proceeds will be used to repay borrowings on secured credit facilities.

The outlook reflects expectation for continued consistency in core operating performance and the maintenance of strong liquidity, relatively conservative balance sheet leverage and solid cash earnings coverage of the dividend, according to the agency.

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