Strong market position relative to other business development companies (BDCs) we rate Diverse portfolio in terms of asset class and number of borrowers Stable funding from permanent capital and multiple long-term debt issuances Predominately illiquid investments that may constrain financial flexibility in adverse markets Higher adjusted leverage ratio than peers' as a result of investment in the Senior Secured Loan Program (SSLP) The outlook on Ares Capital Corp. (ARCC) is stable. Standard&Poor's Ratings Services' expects the firm to maintain leverage between 1.0x and 1.5x debt to adjusted total equity (ATE). In our view, an upgrade is unlikely in the next year. Over the longer term, we could upgrade the company through a favorable peer adjustment if ARCC sustains
