Fitch to rate Ares debt BBB

Fitch Ratings said it expects to assign a rating of BBB to Ares Capital Corp.'s unsecured institutional debt issuance.

The agency does not expect there to be a material impact on the company's leverage levels as a result of the issuance, as proceeds will be used to repay borrowings on secured credit facilities.

Fitch said it views positively the firm's ability to access the institutional bond market, which has had limited participation in the industry since the onset of the financial crisis. Access to this market will provide Ares with more funding flexibility going forward, in the agency's opinion.

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