...November 4, 2020 NEW YORK (S&P Global Ratings) Nov. 4, 2020--Apollo Global Management, Inc. (Apollo) recently filed an 8K noting that Leon Black (founder, chairman, and CEO of Apollo) requested the Board's Conflicts Committee (made up of independent directors) to retain outside counsel to conduct a review of Mr. Black's previous professional relationship with Jeffrey Epstein. The Conflicts Committee has retained Dechert LLP as outside counsel to conduct a thorough, independent review. Black has stated, in his letters to employees and investors, that Epstein never did any business with Apollo. This issue has no immediate impact on our ratings on Apollo (A-/Stable/--). However, we believe that Apollo's reputational risk is currently elevated following the attention regarding the prior relationship between Black and Epstein. In our view, this reputational risk could result in weaker fundraising in the near term, as well as weigh on Apollo's ability to attract and retain talent. Any possible...
