The ratings on U.S. semiconductor manufacturing equipment provider Lam Research remain on CreditWatch with positive implications following its announcement that it will merge with Novellus Systems Inc. in a stock-for-stock transaction valued at about $3.3 billion expected to close in the second calendar quarter of 2012. We expect that Lam Research's business risk profile will improve as a result of materially better product diversity. Pro forma leverage will rise only moderately despite the merger and significant planned share repurchases. We are keeping all our ratings on Lam Research, including the 'BB+' corporate credit rating, on CreditWatch with positive implications. On March 6, 2012, Standard&Poor's Ratings Services said that it is keeping all of its ratings on Lam Research
