Apollo Global Management Inc. and Athene Holding Ltd. announced their intent to merge in an all-stock transaction. The resulting group's credit strength is closer to that of Apollo's, given Athene's capital needs and the regulatory restrictions it operates under. We are affirming our 'A-' issuer credit and unsecured debt ratings on Apollo and our 'BBB' rating on the company's preferred stock and subordinated debt. The stable outlook indicates our expectation that Apollo over the next one to two years will maintain leverage of 1.5x-2.0x while maintaining good investment performance and solid fundraising. On March 9, 2021, S&P Global Ratings affirmed its 'A-' issuer credit rating on Apollo Global Management Inc. The outlook remains stable. We also affirmed our 'A-' unsecured
