NEW YORK (Standard&Poor's) April 30, 2014--Standard&Poor's Ratings Services said today that its 'BBB' corporate credit rating and stable outlook on Fremont, Calif.-based semiconductor manufacturing equipment provider Lam Research Corp. are unchanged following the company's announcement that its board of directors approved a $1 billion capital return program with the initiation of its first ever quarterly dividend, at about $117 million annually based on current shares outstanding, and an $850 million share repurchase authorization with execution planned over the next two years. The $850 million share repurchase authorization includes about $49 million available under the company's prior authorization of $250 million. We expect Lam Research to fund its financial policy share repurchases and dividends out of its
