Moody’s gives Workday notes Baa2

Moody's Investors Service said it assigned a Baa2 rating to Workday, Inc.'s planned senior unsecured notes.

“Workday's senior unsecured rating is strongly positioned in the Baa2 category and reflects the company's rapidly growing scale, increasing product revenue diversification, and Moody's expectations for growing profitability that will drive strong free cash flow growth over the next two to three years,” the agency said in a press release.

Workday intends to use the proceeds to refinance its outstanding senior convertible notes and term loans and augment its cash position.

The outlook is stable.

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