According to a lengthy narration reported by Hazrat Abu Hurairah (radhiyallahu ‘anhu), Allah Ta‘ala addressed Rasulullah (sallallahu ‘alaihi wasallam) in the following words while conversing with him:

قد اتخذتك خليلا وحبيبا وأرسلتك إلى الناس كافة بشيرا ونذيرا وشرحت لك صدرك ووضعت عنك وزرك ورفعت لك ذكرك فلا أذكر إلاذكرت معي وجعلت أمتك خير أمة أخرجت للناس وجعلت أمتك وسطا وجعلت أمتك هم الأولين والآخرين وجعلت من أمتك أقواما قلوبهم أناجيلهم وجعلتك أول النبيين خلقا وآخرهم بعثا وأعطيتك سبعا من المثاني لم أعطها نبيا قبلك وأعطيتك خواتيم سورة البقرة من كنز تحت العرش لم أعطها نبيا قبلك وأعطيتك الكوثر وأعطيتك ثمانية أسهم الإسلام والهجرة والجهاد والصلاة والصدقة وصوم رمضان والأمر بالمعروف والنهي عن المنكر وجعلتك فاتحا وخاتما

I have taken you as my close friend and My beloved. I have sent you to all of mankind as a bearer of glad tidings and as a warner. I have expanded for you your chest (so that you can manage the weight of the wahi revealed to you), and removed from you your burden (i.e. Allah Ta‘ala assisted you in bearing the responsibility of conveying deen to the ummah). I have exalted for you your esteem (i.e. your name and position), so whenever My name will be taken, your name will also be taken with My name. I have made your ummah the best of ummats taken out for the benefit of mankind, and I have made your ummah a moderate ummah. I have made your ummah the first (to enter Jannah) and the last (to come in this world). I have made from your ummah such people whose hearts are their Injeels (Bibles i.e. their hearts will contain the divine kitaab of Allah Ta‘ala – the Qur’aan Majeed). I have made you the first of the Ambiyaa (‘alaihimus salaam) to be created, and the last of them to come to the world. I have bestowed you with Surah Faatihah, which I have not bestowed to any Nabi before you, and I have bestowed you with the concluding verses of Surah Baqarah, which are from a treasure beneath the throne and which I did not bestow to any Nabi before you. I blessed you with the Howdh-e-Kawthar, and I blessed you (and your ummah) with eight special favors; Islam (i.e. the title of being Muslims), hijrah, jihaad, salaah, sadaqah, the fast of Ramadhaan, amr bil ma’roof (enjoining with good) and nahy anil munkar (forbidding from evil). I have made you the one who opens (the one who will open and commence the reckoning on the Day of Qiyaamah through his intercession) and the seal (of all the Ambiyaa [‘alaihimus salaam]).

(Extracted from Seeratul Mustafa 1/308-309)