NEW YORK (AP) -- Moody's Investors Service on Friday upgraded the long-term credit ratings of Nordstrom Inc., citing the department store operator's strong performance.

Nordstrom plans to report its fourth-quarter and full-year results on Thursday.

Moody's lifted Nordstrom's senior unsecured rating to 'Baa1' from 'Baa2.' The new rating is investment grade, three notches above "junk" status. Moody's affirmed the retailer's short-term commercial paper rating of 'Prime-2' The rating outlook is stable.

In upgrading the senior unsecured rating, Moody's cited what it said was nearly 13 percent sales growth for the fiscal year that ended Jan. 29, to $9.3 billion.

Moody's expects continued strong performance at the Seattle-based retailer "given its niche in the department store sector, sharp focus on providing a very high-quality shopping experience, and its fully integrated inventory system," Moody's credit officer Maggie Taylor said.

Shares of Nordstrom rose 58 cents, or 1.3 percent, to close at $46.15 on Friday.