Fitch sees rating Apollo notes A

Fitch Ratings said it expects to assign an unsecured debt rating of A to the proposed 10-year senior unsecured notes issued by Apollo Management Holdings, LP, an indirect subsidiary of Apollo Global Management, Inc. The amount, coupon and final maturity will be determined at the time of issuance.

Proceeds are expected to be used for general corporate purposes.

The rating is equalized with Apollo’s unsecured debt as the issuance will rank equally in the capital structure, the agency said.

The rating also reflects joint and several guarantees by the various Apollo subsidiaries, which collect all fee, carry and investment income earned by the firm, Fitch said.

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