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Moody's rates Ares Capital notes Baa3
Moody's Investors Service said it assigned a provisional Baa3 rating to Ares Capital Corp.'s senior unsecured shelf and a Baa3 rating to its convertible senior unsecured notes due 2024.
The outlook is positive.
The ratings were assigned based on Ares Capital's Baa3 issuer credit profile, the priority and proportion of senior unsecured debt in the company's debt capital structure and the strength of the senior notes' asset coverage, Moody's said.
The proceeds will be used to repay or repurchase certain outstanding indebtedness under its debt facilities, the agency said.
The ratings reflect the company's history of strong earnings and low earnings volatility, balanced investment portfolio characteristics and effective liquidity management, Moody's said.
The rating also recognizes Ares Capital's strong capitalization due to compliance with a regulatory asset coverage requirement, the agency noted.
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