Fitch ups Ares Management

Fitch Ratings said it upgraded the long-term issuer default ratings of Ares Management Corp. and its rated subsidiaries (collectively Ares) to A- from BBB+. Fitch also upgraded Ares’ preferred stock rating to BBB from BBB. The agency revised the outlook to stable from positive.

The rating actions were taken as part of a periodic peer review of the alternative investment manager industry, comprised of nine publicly rated global firms, Fitch said.

“The rating upgrade reflects Ares’ sustained margin improvement to within Fitch’s a category earnings and profitability benchmark range of 30%-50% for alternative IMs, given continued scale enhancements to its platform, which Fitch believes yields meaningful operational and financial flexibility,” the agency said in a press release.

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