S&P Global Ratings withdrew its BB+ issuer credit rating on Hercules Capital Inc. as requested by the specialty finance company. The outlook on the rating was stable at the time of the withdrawal.
On Sept. 5, a day before the rating was withdrawn, S&P downgraded Hercules Capital's issuer credit rating and senior unsecured debt ratings to BB+ from BBB- after the company's board approved to lower the asset coverage ratio to 150% from 200%.
This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.