Improvements in operating performance have influenced Moody's Investors Service to upgrade Transport for London's (TfL's) long-term debt rating. Photo: Shutterstock. The upgrade of its long-term rating changed from Baa1 (moderately risky) to A3 (low credit risk), whilst the outlook for TfL's debt changed from stable to positive. Moody's stated the upgrade in TfL's long-term debt rating reflects it improvement in operating performance, which in part reflects strong governance, that Moody's expects to be sustained, and removes the need for financial support to achieve operating surpluses from the 2024 fiscal year. Rachel McLean, TfL's chief investment officer, welcomed the upgrade but highlighted the need for capital investment support from the government next year and a longer term capital funding agreement.