Fitch rates 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.

The proceeds will be used for general corporate purposes.

Fitch also said it assigned a long-term issuer default rating of A- to Apollo Principal Holdings XI, LLC.

The outlook is stable.

The expected rating on the new unsecured notes reflects joint and several guarantees on indebtedness by the various subsidiaries, Fitch said. Therefore the rating of the unsecured notes is expected to be equalized with the IDR of Apollo.

As of March 31, Apollo’s debt-to-EBITDA ratio was 2.60x on a trailing 12-month basis, the agency said.

The ratings also reflect the company’s strong competitive position as a global alternative investment manager, along with its experienced management team, solid investment track record, large investor base and predictable management fee stream,, Fitch said.

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