Lam Research Corp.'s Senior Unsecured Notes Are Rated 'BBB'

NEW YORK (Standard&Poor's) March 5, 2015--Standard&Poor's Ratings Services today assigned its 'BBB' issue level rating to Fremont, Calif.-based semiconductor manufacturing equipment provider Lam Research Corp.'s proposed issue of senior unsecured notes. We expect the company to use the debt proceeds for general corporate purposes. Lam Research will still be in a net cash position following the proposed debt issuance. Our corporate credit rating on Lam Research reflects the company's solid position in the wafer fabrication equipment industry, the industry's high barriers to entry, and the company's strong customer relationships. However, the high industry cyclicality, risk of technology obsolescence, and considerable customer concentration somewhat temper these positive factors. RELATED CRITERIA AND RESEARCH Methodology And Assumptions: Liquidity Descriptors

...NEW YORK (Standard & Poor's) March 5, 2015--Standard & Poor's Ratings Services today assigned its '###' issue level rating to Fremont, Calif.-based semiconductor manufacturing equipment provider Lam Research Corp.'s proposed issue of senior unsecured notes. We expect the company to use the debt proceeds for general corporate purposes. Lam Research will still be in a net cash position following the proposed debt issuance. Our corporate credit rating on Lam Research reflects the company's solid position in the wafer fabrication equipment industry, the industry's high barriers to entry, and the company's strong customer relationships. However, the high industry cyclicality, risk of technology obsolescence, and considerable customer concentration somewhat temper these positive factors. RELATED CRITERIA AND RESEARCH + Methodology And Assumptions: Liquidity Descriptors For Global Corporate Issuers, Dec. 16, 2014 + Corporate Methodology, Nov. 19, 2013 + Corporate Methodology: Ratios And Adjustments,...

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