Ares Capital Corp. $1 Billion Commercial Paper Notes Program Assigned 'A-2' Short-Term Issue Rating

NEW YORK (S&P Global Ratings) June 8, 2026--S&P Global Ratings today assigned its 'A-2' short-term issuer credit rating to Ares Capital Corp. and its 'A-2' short-term issue-level rating to the company's $1 billion commercial paper notes program. The company's approximately $5.5 billion revolving credit facility supports the commercial paper (CP) program. The CP notes will not be secured by any assets and will rank pari passu with the senior unsecured and unsubordinated debt. The term of each note should not be more than 397 days from the date of issuance. The notes are not redeemable or subject to voluntary prepayment by ARCC (BBB/Stable/A-2). As of March 31, 2026, ARCC had $15.9 billion outstanding debt, of which unsecured was around 59%

...June 8, 2026 NEW YORK (S&P Global Ratings) June 8, 2026--S&P Global Ratings today assigned its 'A-2' short- term issuer credit rating to Ares Capital Corp. and its 'A-2' short-term issue-level rating to the company's $1 billion commercial paper notes program. The company's approximately $5.5 billion revolving credit facility supports the commercial paper (CP) program. The CP notes will not be secured by any assets and will rank pari passu with the senior unsecured and unsubordinated debt. The term of each note should not be more than 397 days from the date of issuance. The notes are not redeemable or subject to voluntary prepayment by ARCC (###/Stable/A-2). As of March 31, 2026, ARCC had $15.9 billion outstanding debt, of which unsecured was around 59% (down from 69% a year ago). We expect the CP program to further diversify the company's funding mix, which we view favorably as it improves financial flexibility and provides access to a broader range of markets. Our existing ratings and...

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