Apollo Global Management LLC has formed Cloud Crane LLC to facilitate its acquisitions of Maxim Crane Works L.P. and Amquip Crane Rental. We are assigning our 'B' corporate credit rating to Cloud Crane LLC. At the same time, we are assigning our 'B' issue-level rating to the company's proposed $470 million second-priority notes due 2024. The stable outlook reflects our expectation that Cloud Crane will maintain an adjusted debt-to-EBITDA metric of between 4x and 5x and a funds from operations (FFO)-to-total debt ratio of between 12% and 15% through 2017. On July 11, 2016, S&P Global Ratings assigned its 'B' corporate credit rating to Cloud Crane LLC. The outlook is stable. At the same time, we assigned our 'B' issue-level
