Tesla (TSLA) has been officially upgraded to investment grade long-term credit rating by S&P Global Ratings.

Despite delivering profits for more than two years straight and building a cash position of over $18 billion while sitting on very little debt, Tesla was still rated as a “junk bond” by rating companies like S&P Global Ratings and Moody’s Investors Service.

Earlier this year, we reported that the rating agencies are finally changing their opinion on the electric automaker and considering upgrading their ratings.