S&P Global Ratings raised its issuer credit and issue-level ratings on Tesla to “BB” from “BB-.” Equity share sales throughout 2020 have “increasingly boosted liquidity and substantially curtailed the company’s financial risk,” S&P said in a statement. The firm expects Tesla’s cash on the balance sheet to exceed $19B at the end of 2020.” As a result, Tesla’s net debt is essentially zero,” according to S&P. It adds that Tesla “appears easily able to fund its global expansion in China and Europe, and broaden its U.S. manufacturing base by opening a facility in Austin, Texas.” S&P’s outlook on Tesla is positive, reflecting its view that there is at least a one-third probability it could raise ratings over the next 12 months “if Tesla’s competitive advantage strengthens meaningfully.”