S&P rates Apollo Infra Equity loan BB

S&P said it is assigning its BB- long-term issuer credit rating to Apollo Infra Equity US Holdco LLC (AIE), a newly formed Delaware LLC and subsidiary of Apollo Infra Equity U.S. Intermediate LLC, that was created to own and operate a portfolio of 18 diverse assets, including wind, solar, combined cycle gas turbines, and midstream assets.

S&P said it is assigning a BB issue-level rating and 2 recovery rating to the company's $275 million senior secured term loan due 2025.

“The stable outlook reflects our expectation that the company's contracted assets will continue to operate under existing contracts with mostly investment-grade counterparties; wind and solar resource levels will be at least at the P90 level; and the portfolio will generate fairly predictable cash flows to support the company's holding-company debt obligations,” S&P said in a news release.

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