Hercules Capital Receives Investment Grade Rating Upgrade to BBB (high) with Revised Outlook to Stable from Morningstar DBRS
Hercules Capital (NYSE: HTGC), the largest specialty financing provider to venture and growth stage companies, has received a credit rating upgrade from Morningstar DBRS to BBB (high) from BBB, with a revised outlook to Stable from Positive.
The upgrade reflects Hercules' strong operating performance through 2024, approximately 14% year-over-year growth in assets under management (AUM), and its position as the largest non-bank dedicated lender in the VC ecosystem. The rating agency highlighted the company's asset level credit performance, diversified funding profile, and conservative balance sheet leverage as key factors supporting the upgrade.
The Stable outlook indicates DBRS expects Hercules to maintain its franchise-leading scale, while considering potential impacts of changing U.S. government policies on the VC market.
Hercules Capital (NYSE: HTGC), il principale fornitore di finanziamenti specializzati per aziende in fase di avvio e crescita, ha ricevuto un aggiornamento del rating creditizio da Morningstar DBRS a BBB (alto) da BBB, con un outlook rivisto a Stabile da Positivo.
L'aggiornamento riflette la forte performance operativa di Hercules fino al 2024, con una crescita di circa 14% anno su anno negli attivi gestiti (AUM), e la sua posizione come il più grande prestatore non bancario dedicato nell'ecosistema VC. L'agenzia di rating ha evidenziato le performance creditizie a livello di attivi dell'azienda, il profilo di finanziamento diversificato e la leva conservativa del bilancio come fattori chiave a sostegno dell'aggiornamento.
La prospettiva Stabile indica che DBRS si aspetta che Hercules mantenga la sua scala leader nel settore, considerando gli impatti potenziali delle politiche governative statunitensi in cambiamento sul mercato VC.
Hercules Capital (NYSE: HTGC), el mayor proveedor de financiamiento especializado para empresas en etapa de inicio y crecimiento, ha recibido una mejora en su calificación crediticia de Morningstar DBRS a BBB (alto) desde BBB, con una perspectiva revisada a Estable desde Positiva.
La mejora refleja el sólido desempeño operativo de Hercules hasta 2024, con un crecimiento de aproximadamente 14% interanual en activos bajo gestión (AUM), y su posición como el mayor prestamista no bancario dedicado en el ecosistema de capital de riesgo (VC). La agencia de calificación destacó el desempeño crediticio a nivel de activos de la empresa, su perfil de financiamiento diversificado y la conservadora relación de apalancamiento en su balance como factores clave que respaldan la mejora.
La perspectiva Estable indica que DBRS espera que Hercules mantenga su escala líder en el sector, considerando los posibles impactos de los cambios en las políticas gubernamentales de EE. UU. en el mercado de VC.
헐큘리스 캐피탈 (NYSE: HTGC), 벤처 및 성장 단계 기업에 대한 최대 전문 금융 제공업체가 모닝스타 DBRS로부터 BBB (높음)으로 신용 등급이 상향 조정되었으며, 기존의 BBB에서 긍정적 전망에서 안정적 전망으로 변경되었습니다.
이번 등급 상향은 2024년까지 헐큘리스의 강력한 운영 성과와 자산 관리(AUM)에서 약 14%의 연간 성장을 반영하며, VC 생태계에서 가장 큰 비은행 전용 대출자로서의 위치를 보여줍니다. 신용 평가 기관은 회사의 자산 수준 신용 성과, 다양화된 자금 조달 프로필 및 보수적인 대차대조표 레버리지를 등급 상향의 주요 요인으로 강조했습니다.
안정적 전망은 DBRS가 헐큘리스가 업계에서 선도하는 규모를 유지할 것으로 기대하고 있으며, VC 시장에 대한 미국 정부 정책 변화의 잠재적 영향을 고려하고 있음을 나타냅니다.
Hercules Capital (NYSE: HTGC), le plus grand fournisseur de financement spécialisé pour les entreprises en phase de démarrage et de croissance, a reçu une mise à niveau de sa notation de crédit de Morningstar DBRS à BBB (élevé) depuis BBB, avec une perspective révisée à Stable depuis Positive.
Cette mise à niveau reflète la solide performance opérationnelle d'Hercules jusqu'en 2024, avec une croissance d'environ 14 % d'une année sur l'autre des actifs sous gestion (AUM), et sa position en tant que plus grand prêteur non bancaire dédié dans l'écosystème VC. L'agence de notation a souligné la performance crédit de l'entreprise au niveau des actifs, son profil de financement diversifié et son levier prudent sur le bilan comme des facteurs clés soutenant cette mise à niveau.
La perspective Stable indique que DBRS s'attend à ce qu'Hercules maintienne son échelle leader du marché, tout en tenant compte des impacts potentiels des changements de politiques gouvernementales américaines sur le marché VC.
Hercules Capital (NYSE: HTGC), der größte Anbieter von Spezialfinanzierungen für Unternehmen in der Start- und Wachstumsphase, hat von Morningstar DBRS ein Upgrade der Kreditbewertung auf BBB (hoch) von BBB erhalten, mit einer überarbeiteten Aussicht von Positiv auf Stabil.
Das Upgrade spiegelt die starke operative Leistung von Hercules bis 2024 wider, mit einem Wachstum von etwa 14 % im Jahresvergleich bei den verwalteten Vermögenswerten (AUM) und seiner Position als größter nicht-bancärer spezialisierter Kreditgeber im VC-Ökosystem. Die Ratingagentur hob die kreditbezogene Leistung des Unternehmens auf Vermögensniveau, das diversifizierte Finanzierungsprofil und die konservative Bilanzierungshebelwirkung als Schlüsselfaktoren hervor, die das Upgrade unterstützen.
Die stabile Aussicht deutet darauf hin, dass DBRS erwartet, dass Hercules seine marktführende Größe beibehält, während potenzielle Auswirkungen sich ändernder US-Regierungspolitiken auf den VC-Markt berücksichtigt werden.
- Credit rating upgraded to BBB (high) from BBB
- 14% YoY growth in assets under management
- Maintains position as largest non-bank VC lender
- Strong asset level credit performance
- Diversified funding profile
- Conservative balance sheet leverage
- Potential exposure to changing U.S. government policies affecting VC market
“We are very pleased that DBRS has upgraded our investment grade credit and corporate rating to BBB (high) with a revised outlook to stable,” stated Seth Meyer, chief financial officer of Hercules. “This upgraded rating reflects the long-term strong operating performance of our scaled and well diversified industry-leading franchise. Our differentiated venture and growth stage lending model and commitment to disciplined underwriting will continue to serve in the best interest of our shareholders.”
The upgraded BBB (high) rating with a trend revision to Stable reflects the Company’s sustained strong operating performance through 2024 and it’s continued growth of assets under management (“AUM”) by approximately
About Hercules Capital, Inc.
Hercules Capital, Inc. (NYSE: HTGC) is the leading and largest specialty finance company focused on providing senior secured venture growth loans to high-growth, innovative venture capital-backed companies in a broad variety of technology and life sciences industries. Since inception (December 2003), Hercules has committed more than
Hercules, through its wholly owned subsidiary business, Hercules Adviser LLC (the “Adviser Subsidiary”), also maintains an asset management business through which it manages investments for external parties (“Adviser Funds”). The Adviser Subsidiary is registered as an investment adviser under the Investment Advisers Act of 1940.
Hercules’ common stock trades on the New York Stock Exchange (NYSE) under the ticker symbol “HTGC.” In addition, Hercules has one retail bond issuance of
Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. We may use words such as “anticipates,” “believes,” “expects,” “intends,” “will,” “should,” “may” and similar expressions to identify forward-looking statements. Forward-looking statements are not guarantees of future performance and should not be relied upon in making any investment decision. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations. While we cannot identify all such risks and uncertainties, we urge you to read the risks discussed in our Annual Report on Form 10-K and other materials that we publicly file with the Securities and Exchange Commission. Any forward-looking statements made in this press release are made only as of the date hereof. Hercules assumes no obligation to update any such statements in the future.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250307367441/en/
Michael Hara
Investor Relations and Corporate Communications
Hercules Capital, Inc.
(650) 433-5578
mhara@htgc.com
Source: Hercules Capital, Inc.
FAQ
What is Hercules Capital's new credit rating from Morningstar DBRS in 2024?
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