Apollo Asset Management Inc.

The stable outlook reflects our expectation that AAM will maintain leverage below 1.5x for the next 12-24 months. We expect the company to continue to grow its AUM and maintain strong investment performance and exceptional liquidity. We also expect to continue assessing the stand-alone credit profiles (SACPs) of the insurance operating companies at 'a+'. We could lower the ratings if leverage increases above 1.5x during our two-year outlook horizon, which could stem from a deterioration in earnings or surplus cash. We could also lower the ratings if AAM's business erodes, for example, through weakening fundraising or investment performance, or if Athene's business weakens materially. Although unlikely, we could raise the ratings in the next two years if AAM demonstrates significantly

...Apollo Asset Management Inc. (AAM) has a good track record of AUM and fee-related earnings growth. S&P Global Ratings expects this growth to continue, supported by continued strong fundraising, flows from retirement services, and the company's expanding origination and capital solutions capabilities. The company also seeks growth from broadening its investor base by expanding in the global wealth channel, as well as gaining wallet share from institutional investors. Athene accounts for a sizable portion of AAM's AUM, ongoing inflows, and fees. Apollo Global Management (AGM) is a holding company that consists of asset management (AAM) and retirement services (Athene) businesses. Significant growth at Athene has supported substantial growth in AUM at AAM, which we expect to continue as the need for retirement products grows. However, as a result, the investment portfolios of Athene and Athora comprise about half of AAM's total AUM, and retirement services contributions comprised nearly half...

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