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Kroll affirms Hercules Capital's ratings

Kroll Bond Rating Agency has affirmed Hercules Capital Inc.'s issuer rating at BBB+ with a stable outlook.

The rating reflects Hercules Capital's focus on senior secured first-lien debt, its history of solid asset-quality performance and its adequate leverage metrics, Kroll said. Additional support for the rating comes from the company's proven access to capital markets, a solid earnings record focusing on venture-backed companies, and robust risk management.

Offsetting the strengths are possible risks related to the company's exposure to illiquid investments and its susceptibility to event risk related to concentrations in the technology and life sciences sectors, according to the agency.