On March 20, 2006, Standard&Poor's Ratings Services revised its outlook on Freemont, Calif.-based Lam Research Corp. to positive from stable; and affirmed the company's 'BB-' corporate credit rating. The outlook revision reflects a strengthened financial profile, which features ample liquidity and no funded debt, in conjunction with improved, albeit still volatile, operating performance. The rating continues to reflect Lam's narrow business focus within the volatile, moderate-visibility semiconductor capital equipment market. This factor is offset, to some degree, by Lam's leadership market position in its served segment (etch tools), combined with adequate financial flexibility deriving from its liquid financial profile and low financial leverage. Lam Research has a leading share of the etch market, a niche segment within the
