NEW YORK (S&P Global Ratings) June 1, 2016--S&P Global Ratings today said it assigned its 'BBB-' issue rating on Ares Management L.P.'s proposed perpetual preferred units. The size of the issuance will be determined by market conditions, but for the purpose of our analysis we are assuming no more than $400 million. The issuer credit rating on Ares is 'BBB+' with a positive outlook. We expect the company will use the net proceeds to fund $275 million of transaction support related to Ares Capital Corp.'s acquisition of American Capital Ltd. We expect any remaining proceeds to be used for general corporate purposes, including potential acquisitions and investments and repayments of the company's revolving credit facility. We view the company's perpetual
