Moody’s upgrades Gigamon

Moody’s Investors Service said it raised Gigamon, Inc.’s corporate family rating to B2 from B3 and upgraded the company’s probability of default rating to B2-PD from B3-PD. Concurrently, Moody’s raised the first-lien senior secured bank credit facilities to B2 from B3. The outlook is stable.

Gigamon’s upgrade to B2 reflects its stable operating performance through the Covid-19 recession, resumption of healthy free cash flow generation and expectations for mid-single-digit revenue EBITDA growth over the next 12-18 months, Moody’s said.

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