We expect the economic impact of the COVID-19 pandemic to result in increased credit losses and calls on liquidity to fund commitments, as well as adverse financing conditions for business development companies. We are revising our outlook on Ares Capital Corp. (ARCC) to stable from positive. At the same time, we are affirming our 'BBB-' issuer credit and debt ratings on ARCC. The stable outlook reflects ARCC's very strong capital position, successful underwriting track record, and favorable funding profile. It also incorporates our expectation that the company will maintain debt to adjusted total equity less than 1.3x over the next 18-24 months. On March 24, 2020, S&P Global Ratings revised its outlook on Ares Capital Corp. (ARCC) to stable from
