Fitch Rates Apollo Principal Holdings X, L.P. 'A-'

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has assigned the Long-term Issuer Default Rating (IDR) and unsecured debt rating of Apollo Principal Holdings X, L.P.

'A-'. This entity is a subsidiary of Apollo Global Management, LLC (together with its subsidiaries, 'Apollo')). The Rating Outlook is Stable. A full list of rating actions follows at the end of this release.

KEY RATING DRIVERS

IDR AND SENIOR DEBT

Apollo Principal Holdings X, L.P., together with Apollo Management Holdings, L.P., Apollo Principal Holdings I, L.P., Apollo Principal Holdings II, L.P., Apollo Principal Holdings III, L.P., Apollo Principal Holdings IV, L.P., Apollo Principal Holdings V, L.P., Apollo Principal Holdings VI, L.P., Apollo Principal Holdings VII, L.P., Apollo Principal Holdings VIII, L.P., Apollo Principal Holdings IX, L.P.,, Apollo Management L.P., Apollo Capital Management, L.P., Apollo International Management, L.P., AAA Holdings, L.P., ST Management Holdings, LLC and ST Holdings GP, LLC, are co-borrowers on Apollo's corporate revolver and joint and several guarantors on the firm's unsecured public debt, term loan, and revolver.

All of the above-referenced co-borrowers are rated 'A-' on the basis of the joint guarantees amongst the entities, as well as the strengths of the broader Apollo business. These strengths include Apollo's strong competitive position as a global alternative investment manager; its experienced management team; solid investment track record; large investor base; predictable management fee stream, given significant fee-earning assets under management (FAUM) and limited exposure to assets that earn fees based on net asset value; incentive income-generating capability; relatively low leverage; solid liquidity; and the subordination of general partner interests to outstanding indebtedness.

The equalization of the unsecured debt rating with the IDR reflects the joint and several guarantees provided by the various subsidiaries which collect all of the fee, carry, and investment income earned by Apollo.

The Stable Outlook reflects Fitch's expectations that management will continue to generate stable management and advisory fees, grow/retain FAUM through the raising of new and expansion of existing funds, albeit at a much more moderate pace near-term, sustain recent operating margins, operate with relatively low leverage, and retain a solid liquidity profile in order to meet co-investment commitments to funds.

RATING SENSITIVITIES

IDR AND SENIOR DEBT

Declines in investment performance, a key man event, and/or legislative risk which negatively impact the company's ability to raise FAUM and generate fees, meaningful increases in leverage, and/or impairment of the liquidity profile could result in negative rating action. Furthermore, ratings could be adversely affected if the relationship between Apollo and Athene Holding Ltd., a holding company of various insurance company operating subsidiaries, which the firm provides asset manages services and in which the firm is invested, were to materially change as a result of regulatory scrutiny, outsized fines/penalties or loss of management or sub-advisory fees.

Conversely, positive rating momentum could develop from a demonstrated ability to operate at the current size, scale and margin level over an extended period of time. An increase in fee diversity, lower leverage, and/or stronger liquidity would also be viewed favorably.

Apollo is a global alternative investment manager specializing in private equity, credit and real estate. FAUM amounted to $131.3 billion at March 31, 2015 and total assets under management (AUM) were $162.9 billion. The company's Class A shares are listed on the NYSE under the ticker 'APO'.

Fitch has assigned the following ratings:

Apollo Principal Holdings X, L.P.

--Long-term IDR 'A-';

--Unsecured debt rating 'A-'.

Existing ratings for Apollo include:

Apollo Management Holdings, L.P.

Apollo Management, L.P.

Apollo Capital Management, L.P.

Apollo International Management, L.P.

AAA Holdings L.P.

Apollo Principal Holdings I, L.P.

Apollo Principal Holdings II, L.P.

Apollo Principal Holdings III, L.P.

Apollo Principal Holdings IV, L.P.

Apollo Principal Holdings V, L.P.

Apollo Principal Holdings VI, L.P.

Apollo Principal Holdings VII, L.P.

Apollo Principal Holdings VIII, L.P.

Apollo Principal Holdings IX, L.P.

ST Holdings GP, LLC

ST Management Holdings, LLC

--Long-term IDR 'A-';

--Unsecured debt rating 'A-'.

AMH Holdings (Cayman), L.P.

--Long-term IDR 'A-'.

The Rating Outlook is Stable.

Additional information is available on www.fitchratings.com

Applicable Criteria

Global Non-Bank Financial Institutions Rating Criteria (pub. 28 Apr 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=865351

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=986440

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=986440

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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View source version on businesswire.com: http://www.businesswire.com/news/home/20150615006479/en/

Fitch Ratings
Primary Analyst
Meghan Neenan, CFA, +1-212-908-9121
Senior Director
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
Nathan Flanders, +1-212-908-0827
Managing Director
or
Committee Chairperson
Joo-Yung Lee, +1-212-908-0560
Managing Director
or
Media Relations, New York
Alyssa Castelli, +1-212-908-0540
[email protected]

Source: Fitch Ratings

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