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) and Senior Debt Loan Program (SDLP) S&P Global Ratings will resolve the CreditWatch placement of the ratings on ARES Capital Corp. (ARCC) after the recent acquisition of American Capital Ltd. (ACAS) is completed. Over the course of that time, we will conduct a discussion with management to further understand the integration of the portfolio and its effect on
