Moody’s, one of the major bond rating services, upgraded the Jewish Federation’s investment ranking from A1 to Aa3 earlier this month, while issuing a “stable” outlook. ( View Moody’s report .)

According to the report, the upgrade to Aa3 is supported by the Federation’s material growth in cash and investments, driven in part by the acquisition of the assets of two large foundations.

“The Aa3 rating further reflects a history of robust philanthropic support bolstered by its affiliation with the Jewish United Fund, exceptional liquidity, and strong financial resource coverage of debt and operations,” the report states.

Moody’s “stable outlook” for the Federation reflects the expectation that it will maintain a strong financial-resource cushion to debt and expenses, strong fundraising, and prudent management of its debt guarantee program.

“Our Federation always has viewed providing access to the global capital markets as one of the many ways in which we provide meaningful assistance to our affiliate and beneficiary agencies,” said CFO Boaz Blumovitz. “This upgrade to an Aa3 rating from Moody’s ultimately will result in positive financial implications to our community.”