Moody’s has upgraded BlackRock’s credit rating and changed its outlook for the firm to stable, citing the continued growth of its exchange traded funds business and its lead in adopting new technologies.

The agency moved the asset manager’s credit rating up a notch from A1 to Aa3 on Thursday and said that it had revised its outlook for the $6.3tn investor from positive to stable. Moody’s said in a statement: “The rating upgrade reflects our view that BlackRock's competitive advantage among asset managers is rapidly increasing.”