...NEW YORK (Standard & Poor's) Jan. 23, 2015--Standard & Poor's Ratings Services today said its '###' senior unsecured debt rating on Ares Capital's $400 million notes due in January 2020 remains unchanged with the proposed add-on offering. The size of the add-on offering has not been finalized and will be subject to market conditions, but, for the purposes of our rating, we are assuming the amount will be no more than $200 million and no less than $100 million. The long-term issuer credit rating on Ares Capital remains '###' and the outlook is stable. Management expects to use the majority of the proceeds to pay down its revolving credit facilities. Following this transaction, we expect total debt to remain at approximately $3.7 billion on a pro forma basis and reported debt to equity to be 0.70x as of Dec. 31, 2014. Our ratings on business development companies (BDCs) are derived from our '###-' anchor for the sector, which is two notches below the U.S. bank anchor. The bank anchor considers...
