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(Bloomberg) -- S&P Global Ratings upgraded Uber Technologies Inc.’s credit ratings to investment-grade status on Friday, citing the ride-hailing and food-delivery company’s consistent earnings growth.

Uber’s main bond ratings were upgraded to BBB-, the lowest investment-grade level, from BB+, the highest junk grade, S&P said in a statement. Investment-grade credit ratings can translate to lower borrowing costs for a company, because a wider array of investors are eligible to buy high-grade securities.

The company is on track to generate about $5.9 billion of a key measure of earnings, known as Ebitda, in 2024, and $7.6 billion in 2025, according to S&P. Even as income grows, the company is remaining conservative with borrowing, and has publicly said it wants to maintain an investment-grade credit profile, the ratings firm said.

Uber’s financial discipline and its cash flow puts it in a good position to use capital for acquisitions and to otherwise boost shareholder returns, S&P said.

In February, Moody’s Ratings upgraded Uber’s main bond rating to Ba1, the highest junk level, from B1, a three notch upgrade.

As of the end of June, Uber had about $11.1 billion of short- and long-term debt, including bonds and lease liabilities, according to data compiled by Bloomberg.