Fitch Investors Service gave an A rating to the Ares Leveraged Investment Fund's $620 million senior secured extendable revolving credit facility.

The $1.2 billion Ares fund was founded by five senior investment professionals affiliated with Lion Advisors LP and Apollo Investment Funds. The five have "extensive experience in high-yield obligations and special situations investments," noted a Fitch report released Monday.

The fund's $160 million senior secured notes are rated A, the $132 million senior subordinated notes BBB, and the $48 million subordinated secured notes BB.

Equity capital in the amount of $240 million will be contributed by partners of the fund.

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