...NEW YORK (S&P Global Ratings) Dec. 21, 2017--S&P Global Ratings today said its ratings on Apollo Global Management LLC (A/Stable/--) are not affected by the company's recent announcement that an investor group led by affiliates of Apollo, Crestview Partners, and Reverence Capital Partners have entered into a definitive agreement to acquire Voya Financial Inc.'s Closed Block Variable Annuity business (the CBVA Business). The investment will be made through a newly formed stand-alone entity called Venerable Holdings Inc. Apollo, Crestview, and Reverence will own equal stakes in Venerable (approximately 23% each), and Athene Holding Ltd. (Athene) and Voya will also acquire minority positions in Venerable. In connection with the transaction that is being announced today, Athene (Apollo had a 8.8% interest in Athene as of Sep. 30, 2017) has signed a definitive agreement to reinsure approximately $19 billion of Voya's fixed and fixed-indexed annuities, which will be administered by Venerable....
