On June 22, 2004, Standard&Poor's Ratings Services revised its outlook on Fremont, Calif.-based LAM Research Corp. to stable from negative. Ratings, including the 'BB-' corporate credit rating, were affirmed. The outlook change reflects recently improving operating performance, a function of cyclically recovering markets and stepped-up semiconductor capital investment. LAM's financial profile has also improved with the calling of the company's subordinated convertible bond for cash on June 7, eliminating its sole remaining piece of outstanding funded debt. LAM Research has a leading share of a niche segment of the semiconductor capital equipment market. The company's tools deposit, etch, and polish microscopically thin layers on the surface of silicon wafers. Competitors include the diversified Applied Materials Inc. and Tokyo
