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S&P cuts Ares Management, debt to BBB+
Standard & Poor's said it lowered the issuer credit rating on Ares Management LP and the issue rating on its senior unsecured debt to BBB+ from A-.
The outlook is stable.
"The downgrade reflects higher expected leverage following Ares' announced plans to merge with Kayne Anderson Capital Advisors LP, an alternative investment firm with approximately $26 billion of AUM across about 90 funds as of March 31, 2015," S&P credit analyst Trevor Martin said in a news release.
The company expects the transaction to close in early 2016.
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