S&P cuts Apollo Commercial

S&P said it downgraded Apollo Commercial Real Estate Finance Inc. and its senior secured term loan to B+ from BB-.

“Apollo recently announced that a second loan in its portfolio, a predevelopment loan in Brooklyn ($154.6 million), has stopped paying interest and the underlying properties are being marketed for sale. We expect the company's portfolio could come under material stress from the impact of Covid-19,” said S&P in a press release.

“The company's investment portfolio and the secured repurchase facilities used to fund a large majority of the company's first mortgage loans are now at heightened risk because of uncertainties surrounding the impact of Covid-19,” the agency said.

The outlook is negative.

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