(Reuters] – Moody’s Ratings Agency (NYSE:), Tuesday raised Apple Inc’s credit rating from ‘AAA’ to ‘AAA’, with a stable outlook. It cited Apple’s strong earnings and “exceptional liquidity”.

With this, Apple joins an elite club of companies including Microsoft (NASDAQ:) and Johnson & Johnson (NYSE:) that have been given Moody’s highest rating.

Raj Joshi from Moody’s said that Apple’s strong business profile was a result of the firm’s large operating scale, its high installed base and customers of its products, its strong customer loyalty and its premium brand positioning.

Apple’s fiscal 2021 earnings jumped about 65% while its revenue rose 33% due to strong demand during the pandemic.

Apple’s stock is up nearly 30%, making it the iPhone manufacturer within striking distance of becoming the largest company in the world to surpass $3 trillion.

Joshi stated that Apple’s earnings will grow in the coming two- to three years.

Moody’s said Apple has execution risks due to short product cycles and the need to adjust to shifting consumer preferences. They also have to manage complex supply chains with frequent product changes.

Apple stated that its supply chain problems had caused $6 billion in losses and could continue to do so during the holiday quarter.