Apollo Global Management LLC 'A' Rating Affirmed; Outlook Remains Stable; Proposed Preferred Shares Rated 'BBB+'

Apollo Global Management LLC reported solid growth in assets under management (AUM) of $191.7 billion (12.7% year over year increase) and fee-generating assets under management (FPAUM) of $150.8 billion (9.2% year over year) as of Dec. 31, 2016. We are affirming our 'A' issuer credit and senior unsecured debt ratings on Apollo. We are also assigning a 'BBB+' rating on the company's proposed perpetual preferred shares, the proceeds of which the company expects to use for general purposes, including general partner investments. The stable outlook on Apollo Global Management LLC incorporates our expectation that the company's FPAUM will continue to increase modestly over the next 18-24 months while realized performance fees will remain subdued over the same period. We also

...+ Apollo Global Management LLC reported solid growth in assets under management (AUM) of $191.7 billion (12.7% year over year increase) and fee-generating assets under management (FPAUM) of $150.8 billion (9.2% year over year) as of Dec. 31, 2016. + We are affirming our 'A' issuer credit and senior unsecured debt ratings on Apollo. + We are also assigning a '###+' rating on the company's proposed perpetual preferred shares, the proceeds of which the company expects to use for general purposes, including general partner investments. + The stable outlook on Apollo Global Management LLC incorporates our expectation that the company's FPAUM will continue to increase modestly over the next 18-24 months while realized performance fees will remain subdued over the same period. We also expect the company to maintain an adjusted debt-to-EBITDA multiple below 1.5x in the next 18-24 months. NEW YORK (S&P Global Ratings) Feb. 28, 2017-- S&P Global Ratings said today it affirmed its 'A' issuer credit...

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