Ares Capital Corp. (ARCC) has a long operating history with stable operating results through different credit cycles and operates with a strong funding profile and financial flexibility. We revised our outlook on ARCC to positive from stable. At the same time, we affirmed our 'BBB-' issuer credit and debt ratings on ARCC. The positive outlook reflects the possibility we could raise the ratings over the next 12-18 months if ARCC maintains leverage below 1.3x and sound investment portfolio performance with an unchanged funding profile. On Feb. 13, 2024, S&P Global Ratings revised its outlook on Ares Capital Corp. (ARCC) to positive from stable. At the same time, we affirmed our 'BBB-' issuer credit and debt ratings on ARCC. As of
