KUALA LUMPUR: Moody's Investors Services has upgraded the issuer rating of Axiata Group Bhd 's Indonesian subsidiary XL Axiata Tbk and revised the outlook for the rating to positive. The international rating agency said on Thursday it had upgraded XL's issuer rating to Baa3 from Ba1. This is the first time it has assigned an investment-grade rating to XL. "The outlook for the rating is revised to stable from positive. At the same time, Moody's has withdrawn the company's Ba1 Corporate Family Rating," it said. "The rating upgrade reflects the continued strengthening of XL's operational metrics as well as the ongoing stabilisation of its financial profile, including lower leverage levels," says Nidhi Dhruv, a Moody's vice president and senior analyst.