DBRS gives Apollo Debt Solutions BBB

DBRS said it gave BBB (low) issuer and senior debt ratings to Apollo Debt Solutions BDC. The trend is stable.

“The ratings reflect the strong franchise underpinned by ADS’ affiliation with Apollo Asset Management, Inc. (Apollo), a global alternative asset manager with $513 billion of assets under management (AUM), with a decades-long strong track record. Apollo has more than $373 billion of AUM dedicated to credit strategies, with $31 billion in direct lending across multiple investment vehicles and funds,” the agency said in a press release.

However, the company’s earning power is constrained by its limited earnings power as it ramps up its investment portfolio, DBRS said.

“The stable trend reflects our view that the geopolitical instability in Europe, as well as the rising interest rate environment and heightened inflationary pressures, while increasing risk to the continued U.S. economic recovery, will not overly burden U.S. private middle market and large companies,” DBRS said.

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