Lam Research Corp. 'BBB' Rating Is Affirmed On Merger Termination With KLA-Tencor Corp.

SAN FRANCISCO (S&P Global Ratings) Oct. 27, 2016--S&P Global Ratings affirmed its 'BBB' corporate credit rating on Fremont, Calif.-based Lam Research Corp. The outlook is stable. "The rating reflects our view that despite the merger termination with KLA-Tencor Corp., Lam will preserve its standing with its customers as a critical vendor within the semiconductor industry while maintaining or improving its market position," said S&P Global Ratings credit analyst Andrew Chang. The stable outlook reflects our expectation that the company will maintain its leadership positions in etch, deposition, and clean products within the semiconductor capital equipment industry, and that its moderate financial policy will remain intact, providing a buffer for the highly volatile industry cyclicality. RELATED CRITERIA Methodology And Assumptions: Liquidity

...SAN FRANCISCO (S&P Global Ratings) Oct. 27, 2016--S&P Global Ratings affirmed its '###' corporate credit rating on Fremont, Calif.-based Lam Research Corp. The outlook is stable. "The rating reflects our view that despite the merger termination with KLA-Tencor Corp., Lam will preserve its standing with its customers as a critical vendor within the semiconductor industry while maintaining or improving its market position," said S&P Global Ratings credit analyst Andrew Chang. The stable outlook reflects our expectation that the company will maintain its leadership positions in etch, deposition, and clean products within the semiconductor capital equipment industry, and that its moderate financial policy will remain intact, providing a buffer for the highly volatile industry cyclicality. RELATED CRITERIA + Methodology And Assumptions: Liquidity Descriptors For Global Corporate Issuers, Dec. 16, 2014 + Corporate Methodology, Nov. 19, 2013 + Corporate Criteria: Ratios And Adjustments, Nov. 19,...

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