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S&P raises Apollo Global
S&P said it raised its ratings on Apollo Asset Management Inc. and its parent Apollo Global Management Inc. to A from A-. The agency also upgraded its issue ratings on the senior unsecured notes to A from A- and on subordinated debt and preferred equity to BBB+ from BBB.
The higher ratings reflect lower leverage, greater and more diversified assets under management base buoyed by growth in its credit platform, and solid operating performance.
“We believe that management is more committed to operating with low leverage as the company grows, and we expect AAM to maintain S&P-adjusted net debt to EBITDA below 1.5x for the next 24 months. Leverage has declined in recent years, supported by robust AUM and earnings growth, and the paydown of obligations that we consider as debt. Our upgrade is also predicated on our expectation of continued strong fundraising and investment performance, significant operating leverage, and stable margins,” S&P said in a press release.
The outlook is stable.
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