Contractual recurring fee revenues due to a significant portion of assets under management being locked in for multiyear periods Experienced investment and management teams who have significant side-by-side fund investments Long-term track record Diversification outside of credit and private-equity businesses still somewhat limited compared to its peers Low leverage with weighted debt to EBITDA below 1.5x Decline in realized incentive fees in 2016, but expected to improve in 2017 and 2018 The rating outlook on Apollo Global Management LLC (Apollo) is stable. S&P Global Ratings expects the company's fee-paying assets under management (FPAUM) to continue to increase modestly around 3% in 2017 but significantly around 12.5% in 2018. We also expect the firm to broaden its franchise and geographical footprint,
