Ares Capital's increased investment in the Senior Secured Loan Program, which its investment adviser co-manages with GE Capital, has weakened its adjusted capital metrics. The company's financial profile, including its leverage and coverage ratios, has also deteriorated slightly. We are revising our outlook on Ares to stable from positive, and we are affirming our ratings, including the 'BBB' corporate credit and senior unsecured debt ratings. We expect Ares to continue to grow its investment in SSLP and to maintain its current business and financial profiles, including its capital and coverage metrics. On June 13, 2012, Standard&Poor's Ratings Services revised its outlook on New York City-based Ares Capital Corp. (NASDAQ: ARCC) to stable from positive. At the same time,
