Hercules Capital, Inc. (NYSE: HTGC) announced on July 1, 2025, that Fitch Ratings, Inc. has affirmed Hercules' investment grade corporate and unsecured credit rating of BBB- with a stable outlook. This affirmation follows a broader review of business development companies.
The affirmed BBB- rating reflects the company’s first-lien focus of its investment portfolio, solid track record in credit, and broad industry relationships. Fitch also cited Hercules Capital's consistent operating performance and strong funding flexibility with demonstrated access to public debt and equity markets.
Key strengths supporting the rating include an above-average asset coverage cushion and an experienced management team. While Fitch noted sector concentrations in technology and life sciences as a constraint, the overall affirmation underscores the company's stable financial profile and operational excellence.
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