Hercules Capital, Inc. (NYSE: HTGC) announced on March 7, 2025, that Morningstar DBRS has upgraded its investment grade credit and corporate rating to BBB (high) from BBB. The outlook for the rating was also revised from Positive to Stable.
This upgrade reflects Hercules Capital's sustained strong operating performance throughout 2024 and the continued growth of its assets under management (AUM) by approximately 14% year-over-year. The company has solidified its position as the largest non-bank dedicated lender to the venture capital ecosystem.
The upgraded rating is further supported by the company's asset level credit performance, diversified funding profile, and conservative balance sheet leverage. This positive assessment from Morningstar DBRS enhances Hercules Capital's financial standing and market reputation.
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