Moody’s Investors Service has awarded higher debt and insurance financial strength ratings to Aetna Inc.

Moody’s, New York, has increased the senior unsecured debt rating for Aetna, Hartford, to A3, from Baa1.

Moody’s has increased the insurance financial strength rating for Aetna Life Insurance Company to Aa3, from A1.

The outlook on the ratings is stable.

The ratings are going up because Aetna has reported strong earnings and enrollment growth and has plenty of cash it can use to pay off its debts, according to Moody’s.

One risk could be the temptation to cut prices, and another risk could be problems with integrating future acquisitions, Moody’s says.