Hercules Credit Rating
| Fitch | Rating |
|---|---|
| Long-term Issuer | BBB- |
| Outlook | Stable |
| Moody's | Rating |
|---|---|
| Long-term Issuer | Baa3 |
| Outlook | Stable |
| Kroll | Rating |
|---|---|
| Long-term Issuer | BBB+ |
| Outlook | Stable |
| DBRS | Rating |
|---|---|
| Long-term Issuer | BBB |
| Outlook | Positive |
Unsecured Notes Rating
| Kroll | Rating |
|---|---|
| NYSE: HCXY | BBB+ |
| DBRS | Rating |
|---|---|
| NYSE: HCXY | BBB |
A rating is not a recommendation to buy, sell or hold shares of Hercules Capital, Inc. or the notes issued under the Securitization Facility. Ratings are subject to revision, suspension or withdrawal at any time by the relevant rating agency. The rating agencies may also revise or replace entirely the methodology applied to derive the ratings. A rating opinion shall not be deemed as rendering advice on business operations. Any rating must be construed solely as a statement of opinion and not a statement of fact in relation to Hercules Capital, Inc. or the Securitization Facility or otherwise in connection with any other matter.