Key Takeaways
- • Fitch Ratings affirmed Hercules Capital's investment grade corporate and unsecured credit rating at BBB-, with a stable outlook, according to a Hercules press release distributed via Business Wire.
- • Fitch also affirmed Hercules' secured debt rating at BBB, with the same stable outlook.
- • Hercules CFO Andrew Olson attributed the ratings to the scale of the company's institutionalized lending platform and its operational track record.
- • The ratings cite first-lien portfolio focus, credit track record, broad industry relationships, funding flexibility, and above-average asset coverage cushion.
Summary
Hercules Capital, Inc. (NYSE: HTGC) announced that Fitch Ratings, Inc. has affirmed the company's investment grade corporate and unsecured credit rating of BBB-, and its secured debt rating of BBB, both with a stable outlook, according to the company's press release distributed through Business Wire. The announcement covers the affirmation of the rating and the underlying analysis supporting it.
Hercules CFO Andrew Olson said the company was pleased with the affirmations, stating that the rating "underscores the scale of our institutionalized lending platform and the consistent, proven operational excellence our differentiated and diversified venture and growth stage lending model has delivered over many years."
According to the release, the ratings reflect the company's first-lien focus within its investment portfolio, its solid track record in credit, broad industry relationships, and consistent operating performance. Fitch also cited the company's strong funding flexibility, including demonstrated access to public debt and equity markets, above-average asset coverage cushion, and experienced management team.
Hercules describes itself as the largest specialty financing provider to venture, growth and established-stage companies, and states that it has committed more than $28 billion to over 700 companies since its inception in December 2003. The company's common stock trades on the NYSE under the ticker HTGC, and it has one retail bond issuance, 6.25% Notes due 2033 (NYSE: HCXY). Its Adviser Subsidiary, Hercules Adviser LLC, is registered as an investment adviser under the Investment Advisers Act of 1940 and manages investments for external parties.
Hercules CFO Andrew Olson said the company was pleased with the affirmations, stating that the rating "underscores the scale of our institutionalized lending platform and the consistent, proven operational excellence our differentiated and diversified venture and growth stage lending model has delivered over many years."
According to the release, the ratings reflect the company's first-lien focus within its investment portfolio, its solid track record in credit, broad industry relationships, and consistent operating performance. Fitch also cited the company's strong funding flexibility, including demonstrated access to public debt and equity markets, above-average asset coverage cushion, and experienced management team.
Hercules describes itself as the largest specialty financing provider to venture, growth and established-stage companies, and states that it has committed more than $28 billion to over 700 companies since its inception in December 2003. The company's common stock trades on the NYSE under the ticker HTGC, and it has one retail bond issuance, 6.25% Notes due 2033 (NYSE: HCXY). Its Adviser Subsidiary, Hercules Adviser LLC, is registered as an investment adviser under the Investment Advisers Act of 1940 and manages investments for external parties.
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