NEW YORK (Standard&Poor's) May 16, 2008--Standard&Poor's Ratings Services said today it raised its corporate credit rating on Fremont, Calif.-based Lam Research Corp. to 'BB' from 'BB-'. At the same time, we removed the rating from CreditWatch, where it had been placed with positive implications on April 11, 2008. The outlook is stable. The rating action follows Lam's strong performance during the upside of the most recent semiconductor cycle; its more variable cost structure, which should enable it to perform better in the current downturn than it has in prior cycles; and its moderate leverage. "The rating on Lam reflects the company's narrow business focus and high customer and product concentration in the volatile semiconductor capital equipment
