S&P assigns Ares notes BBB-

S&P said it assigned its BBB- senior unsecured debt rating on Ares Capital Corp.’s proposed offering of senior notes due 2025. Ares intends to use the proceeds to repay indebtedness under its revolving credit facility, revolving funding facility and/or its SMBC funding facility.

“Our rating on ARCC reflects the company’s low financial leverage (notwithstanding adoption of a 150% asset coverage requirement), successful track record, and good diversity of funding. The rating also reflects the business development company’s good market position relative to peers we rate,” said S&P in a press release.

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