DBRS on Sept. 6 initiated coverage of Hercules Capital Inc. and assigned it a long-term issuer rating of BBB.
It also assigned Hercules Capital a long-term senior debt rating of BBB. The company's intrinsic assessment is BBB, while its support assessment is SA3. The trend on the ratings is stable.
The ratings are supported by the company's "strong franchise with the necessary scale to maintain a leading position in providing debt financing to high-growth venture capital-backed companies in technology, life sciences, and renewable and sustainable energy-related industries," the rating agency noted.