Apollo Management Holdings L.P. (an indirect subsidiary of Apollo Global Management Inc.) is issuing 10-year senior unsecured notes. As a result, we now expect the company to operate with higher net debt to adjusted EBITDA, between 1.5x and 2.0x, over the next one to two years. We are lowering our issuer credit and unsecured debt ratings on Apollo to 'A-' from 'A' and our preferred unit and subordinated debt ratings to 'BBB' from 'BBB+'. The stable outlook reflects our expectations that Apollo will operate with leverage of 1.5x-2.0x during the next one to two years and that fee-related earnings will remain fairly stable. On June 2, 2020, S&P Global Ratings lowered its long-term issuer credit ratings on Apollo Global Management
