Tesla is now a blue-chip stock. Moody’s Investors Service assigned a ‘Baa3’ long-term issuer rating on Monday to the electric vehicle and clean energy company. The bond ratings agency also withdrew the company's ‘Ba1’ corporate family rating.

‘Baa3’ is Moody's lowest investment grade rating. ‘Ba1’ is the agency's highest speculative grade rating.

"The rating action reflects 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 said in a statement.

A large, valuable company that is well-established is considered blue-chip. Other blue-chip stocks include American Express, Boeing and Nike. 

"The upgrade also incorporates governance considerations, including Tesla's prudent financial policy and management's operational track record," the statement added. 

Moody’s said Tesla should deliver approximately 1.8 million vehicles around the world in 2023, representing a 34% improvement from 2022, while citing "considerable investments" in new vehicle and battery production as enabling a "steep increase" in global deliveries. 

Including the company’s Cybertruck, Moody’s also highlighted the expansion of Tesla’s product lineup.

The upgrade comes in the wake of antitrust class action lawsuits over the monopolization of repairs and replacement parts filed in a federal court in San Francisco last week. The charges say Tesla knowingly designs its cars to discourage owners from doing repairs themselves.