...- The merger of Apollo Global Management Inc. (renamed post-merger to Apollo Asset Management Inc.) and Athene Holding Ltd. in an all-stock transaction closed on Jan. 3, 2022. Both entities now sit under a new holding company parent, which was renamed Apollo Global Management Inc. upon the close of the merger. - We consider Athene's insurance operating business as insulated from the rest of the group due to the limitations posed by its capital needs and the regulatory framework that it is subject to as a Bermuda-domiciled insurance company. - We affirmed our ratings on Apollo Asset Management Inc. and Athene Holdings Ltd. at 'A-'. - We view the group credit profile (GCP) as 'a-', considering the group's earnings are split roughly equally between the asset management businesses, which have an 'a-' stand-alone credit profile, and the insurance businesses, which carry an 'a+' stand-alone credit profile. However, the inclusion of the 'a+' is somewhat weaker to the GCP primarily due to our view...
