Global semiconductor equipment supplier Lam Research continues to deliver improved quarterly sequential operating performance, in line with the recovery in the semiconductor sector for the previous four quarters. We are placing Lam's 'BB-' corporate credit rating on CreditWatch with positive implications. On July 27, 2010, Standard&Poor's Ratings Services placed its 'BB-' corporate rating on Fremont, Calif.-based Lam Research on CreditWatch with positive implications. In line with the recovery in the semiconductor industry, as of the March 2010 quarter, Lam's latest-12-month revenues have improved 15% year over year to $1.66 billion and adjusted EBITDA margins have improved to the 20% area from negative in the September 2009 quarter. These positive trends are likely to result in Lam approaching its
