Hercules Capital, Inc. (NYSE: HTGC) announced on September 18, 2025, that Moody's Investors Service, Inc. has upgraded Hercules' investment grade credit and corporate rating to Baa2. This upgrade also included a revised outlook to stable.
This upgrade follows a previous revision of the outlook to positive from stable, reflecting Moody's increasing confidence in the company's financial strength and operational resilience. The Baa3 rating previously reflected Hercules' sector-leading profitability, 21-year operating history, and solid capitalization.
The positive outlook had incorporated expectations of resilient performance, supported by the company's orientation toward senior secured investments, sound underwriting, and effective asset allocation. The Baa2 upgrade further solidifies Hercules Capital's strong credit profile and market position.
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