S&P assigns BBB to Ares notes

Standard & Poor's said it assigned its BBB issue rating on Ares Capital Corp.'s proposed senior unsecured notes due January 2020.

The size of the senior unsecured notes offering has not been finalized and will be subject to market conditions, but for the purposes of the rating, S&P is assuming the amount will be between $300 million and $500 million.

Ares’ long-term issuer credit rating is BBB and the outlook is stable.

S&P said the rating reflects Ares’ good market position within the business development company sector, which includes its total investments of $8.8 billion across 204 portfolio companies as of Sept. 30. In addition to revenue from its portfolio companies, Ares generates dividend income from its investment in Ivy Hill Asset Management, as well as dividend income and fees from its investment in its senior secured loan program, the agency said.

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