NEW YORK (Standard&Poor's CreditWire) Aug. 3, 1999--Standard&Poor's today affirmed its double-'B'-minus corporate credit and bank loan ratings on Lam Research Corp. Standard&Poor's also affirmed its single-'B' subordinated debt rating on the company. The outlook is negative. The ratings on Lam Research reflect the company's good position in certain niche semiconductor processing markets and good liquidity. These factors are offset by aggressive competitive conditions. Although semiconductor capital goods sector revenues remain well below historical peaks, there are indications of recovery as its served market emerges from a three-year recession. Fremont, Calif.-based Lam Research manufactures equipment to deposit, etch, and polish microscopically thin layers on the surface of silicon wafers, as part of the semiconductor manufacturing
