...November 7, 2023 NEW YORK (S&P Global Ratings) Nov. 7, 2023--S&P Global Ratings today assigned its '###+' debt rating to Ares Management Corp.'s (###+/Stable/--) issuance of senior unsecured notes due in 2028. The notes will be fully and unconditionally guaranteed on joint and several bases by each of Ares Holdings L.P., Ares Investments Holdings LLC, Ares Management LLC, Ares Finance Co. LLC, Ares Finance Co. II LLC, Ares Finance Co. III LLC, and Ares Finance Co. IV LLC. The size of the issuance will be determined by market conditions, but for our analysis, we assume an issuance of $500 million. We expect Ares Management Corp. to use the proceeds for general corporate purposes, including debt repayment and growth initiatives. We expect the company to repay a portion of the amount outstanding on its revolving credit facility ($1.325 billion, due March 2027), which had $765 million drawn as of Sept. 30, 2023. We expect Ares to maintain good investment performance despite increased market...
