Fitch to give Apollo notes A-

Fitch Ratings said it expects to assign an unsecured debt rating of A- to the 10- year senior unsecured notes issued by Apollo Management Holdings, LP, a subsidiary of Apollo Global Management, LLC (A-, stable).

A portion of the net proceeds are expected to be used to repay a portion of outstanding term loans under the existing bank credit facilities, while remaining proceeds are expected to be used for general corporate purposes.

Concurrently, the agency assigned a long-term issuer default rating of A- to AMH Holdings (Cayman), LP. This entity is the parent of Apollo Management Holdings, LP, and will provide a joint and several guarantee on the public notes along with Apollo Principal Holdings I-IX, LP.

The outlook is stable.

Fitch said the expected rating on the new unsecured notes reflects joint and several guarantees on indebtedness by the various subsidiaries, which collect all of the fee, carry, and investment income earned by Apollo. Therefore, the rating of the unsecured notes is expected to be equalized with the issuer default rating of Apollo.

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