Moody's: Ares to positive

Moody's Investors Service said it affirmed the Ba1 corporate family and senior unsecured ratings of Ares Capital Corp. and changed the outlook to positive from negative.

The agency also said it affirmed Allied Capital Corp.'s senior unsecured regular bond/debenture rating at Ba1.

The outlook revision reflects the company's disposition of riskier assets from the acquisition of American Capital, Ltd., as well as its consistent profitability, low earnings volatility and disciplined investment approach, Moody's said.

The ratings also reflect the company's strong earnings and investment portfolio performance and its solid funding and liquidity profile with laddered debt maturities and ample availability under secured credit facilities, the agency said.

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