Hercules Capital announced that Moody’s Investors Service has reaffirmed Hercules an investment grade credit and corporate rating of Baa3 with a stable outlook, as well as its underlying analysis. The affirmed Baa3 rating reflects the company’s strong earnings profile with a longer operating history than most rated business development company peers, solid underwriting and risk management as evidenced by low loan loss history, ample liquidity profile, and low leverage with stronger-than-peer median cushion against the minimum regulatory 150% asset coverage ratio. The rating also reflects Hercules’ high proportion of first lien senior secured debt investments.
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