Moody's upgraded BlackRock Inc.'s long-term issuer rating and senior unsecured rating, to Aa3 from A1, and revised its outlook to stable from positive. The Aa3 rating is driven by the company's strong market position and brand.

The rating agency also affirmed the company's short-term issuer rating at P-1.

Specifically, Moody's said the upgrade reflects BlackRock's improved competitive advantage in the asset management industry. It also noted the company's leading share in the global exchange-traded fund market. Additionally, the upgrade was attributed to the company's large and recurring revenue stream and its solid organic growth.