Corporate Credit Rating: BB-/Stable/-- LAM Research Corp.'s announcement that it expects a sequential revenue decline of as much as 15 percent in the March 2001 quarter will have no effect on the ratings or outlook for the company, Standard&Poor's said. LAM Research does not expect its competitive market position to weaken over the near term. LAM participates in the volatile semiconductor capital goods industry, where large year-to-year revenue swings are expected. In the face of weakening semiconductor end-markets, Lam is adjusting its costs through mandatory shutdowns, reduced executive salaries, and delayed merit pay increases. The company will continue expenditures on strategic programs to advance its semiconductor manufacturing technology.
