Fitch rates Ares notes A-

Fitch Ratings said it rated Ares Management Corp.’s $500 million of 6.375% senior unsecured notes due Nov. 10, 2028, A-.

“The debt rating is equalized with Ares' long-term issuer default rating (IDR), reflecting its fully unsecured funding profile and expectations for average recovery prospects of the notes under a stress scenario,” Fitch said in a press release.

Ares is expected to use the proceeds to repay revolver borrowings. Fitch said it expects the offering to be leverage neutral.

The outlook is stable.

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