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1. An improvement to an existing product. Some companies, especially technology companies, offer upgrades to customers for free or at a discount.

2. An improvement to the quality of securities in a portfolio. For example, one may sell a stock with a given risk and return and buy another stock with a higher return at the same level of risk. Alternatively, a security may upgrade by itself; for example, its issuer may announce higher than expected earnings, and, therefore, a higher dividend.

3. An increase in a bond rating. For example, if a bond goes from a junk rating to an investment-grade rating, the bond is said to be upgraded. This usually occurs when the issuer reduces its exposure to one or more risks.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved


to replace an existing COMPUTER system (HARDWARE and/or SOFTWARE) by a more powerful model capable of processing data faster or storing larger amounts of data. When upgrading, computer users can experience problems of compatibility with existing programs and machines.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson
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The upgraded Version 2.0 incorporates new design features recommended by attorneys and paralegals.
When I-Jam disks arrive they'll be an upgraded version Clik!, still single-sided, and still priced around $10 apiece, though with a 100MB capacity.
The company has launched CertificatesNow, an upgraded version of a product with the same name that allows clients to log on to a secure site, request and receive a certificate of insurance.
The site also features an upgraded version of Renold's free chain selector program that enables engineers to easily calculate the correct chain specifications for their application.