Fitch BBB to Apollo preferred shares

Fitch Ratings said it assigned a BBB rating to Apollo Global Management Inc.'s recent issuance of series A mandatory convertible preferred stock.

The proceeds to accelerate AGM’s multi-year business plan and will be used by Athene Holding Ltd., AGM's subsidiary that conducts its retirement services business.

“The rating on the proposed series A mandatory convertible preferred stock is three notches below AGM's long-term issuer default rating (IDR) of A in accordance with Fitch's "Corporate Hybrids Treatment and Notching Criteria" published in November 2020. The ratings include three notches for loss severity, comprised of two notches for deep subordination and one notch for the likely conversion into equity,” the agency said in a press release. The shares are senior to AGM’s common shares.

The outlook is stable.

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