Moody's assigns Apollo notes A2

Moody's Investors Service said it assigned an A2 rating to Apollo Global Management, Inc.'s new backed senior unsecured notes due 2028, which the company is marketing.

The notes will be guaranteed, jointly and severally, by Apollo Asset Management, Inc., and subsidiaries that are holding entities of members of the Apollo Operating Group. However, Athene Holding Ltd. is not a guarantor.

“The A2 long-term senior debt rating of Apollo Global Management, Inc. reflects the strong market position of its asset management subsidiaries' yield, hybrid, and equity products, anchored by perpetual capital vehicles that hold approximately 55% of Apollo's managed assets,” Moody’s said in a press release.

Apollo expects to use the proceeds to retire in full the $499 million outstanding of its 4% senior notes due May 30, which is its next term maturity, and pay related fees and expenses.

Apollo's outlook is stable.

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