In a huge milestone for Tesla (TSLA), the EV-maker is now a blue chip.
Moody’s Investor Research upgraded the EV-maker’s credit rating to Baa3, which is the first rung on its investment grade ladder for corporate debt, with Tesla’s credit outlook changed to stable. Previously Moody’s classified Tesla as Ba1, which is the agency’s top rating for high yield corporate, or junk, debt.
In its report, Moody’s wrote the ratings upgrade “reflects Moody’s expectation that Tesla will remain one of the foremost manufacturers of battery electric vehicles with an expanding global presence and very high profitability.”
Moody’s expects Tesla to deliver around 1.8 million vehicles globally in 2023, which would be a 34% increase compared to 2022, and cites its “considerable investments” in new vehicle and battery production as enabling a “steep increase” in global deliveries….
