Moody’s assigns Fortinet notes Baa1

Moody’s Investors Service said it assigned a Baa1 rating to Fortinet, Inc.’s senior unsecured notes. The agency assigned a Baa1 rating to Fortinet’s shelf registration on Monday.

“Governance considerations, specifically, Moody’s expectations that Fortinet will maintain very conservative financial policies, including a strong net cash position and total debt to EBITDA (Moody’s adjusted) well below 2x, underpin the Baa1 rating. Fortinet had no outstanding debt and approximately $2 billion of cash and investments at fiscal year ended Dec. 31, 2020, and Moody’s expects its free cash flow to exceed $900 million in 2021,” the agency said in a press release.

The outlook is stable.

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