Fremont, Calif.-based Lam Research Corp. is initiating a commercial paper (CP) program. We are assigning 'A-2' short-term and CP ratings to Lam. Our long-term corporate credit rating on Lam is unchanged at 'BBB+' with a stable outlook. 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. On Nov. 14, 2017, S&P Global Ratings assigned its 'A-2' short-term corporate credit and commercial paper (CP) ratings to Lam Research Corp. Our corporate credit rating on Lam remains 'BBB+' with a stable outlook. We estimate Lam will have full borrowing
