Good investment performance and well-executed business strategy Stable cash flows from predominantly locked-in management fees Concentration in credit-focused business products Short track record in real estate debt segment Lower proposed leverage given the cancellation of its proposed merger with Kayne Anderson Capital Advisors The positive outlook on Ares Management L.P. indicates that over the next 12-18 months Standard&Poor's Ratings Services would consider an upgrade if the company maintains leverage, as measured by debt to Standard&Poor's-adjusted EBITDA, below 1.5x on a sustained basis. At the same time, we would look for the company to maintain the positive elements of its business profile, which is supported by good fundraising and solid investment performance. We would consider revising the
