Lam Research Corp. Is Upgraded To 'BBB+' On Continued Strong Operating Performance; Outlook Stable

SAN FRANCISCO (S&P Global Ratings) June 15, 2017--S&P Global Ratings raised its corporate credit rating on Fremont, Calif.-based Lam Research Corp. to 'BBB+' from 'BBB'. The outlook is stable. At the same time, we raised our rating on the company's senior unsecured debt to 'BBB+' from 'BBB'. "The rating action reflects our view of the continued strengthening of Lam's business since the previous industry correction in fiscal 2012," 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 conservative financial policy will remain intact, providing a buffer for potential industry volatility. RELATED CRITERIA

...SAN FRANCISCO (S&P Global Ratings) June 15, 2017--S&P Global Ratings raised its corporate credit rating on Fremont, Calif.-based Lam Research Corp. to '###+' from '###'. The outlook is stable. At the same time, we raised our rating on the company's senior unsecured debt to '###+' from '###'. "The rating action reflects our view of the continued strengthening of Lam's business since the previous industry correction in fiscal 2012," 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 conservative financial policy will remain intact, providing a buffer for potential industry volatility. RELATED CRITERIA + General Criteria: Methodology For Linking Long-Term And Short-Term Ratings , April 7, 2017 + Criteria - Corporates - General: Methodology And Assumptions: Liquidity Descriptors For Global...

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