U.S. semiconductor manufacturing equipment provider Lam Research Corp. has successfully integrated Novellus Systems Inc. We are raising the corporate credit rating on Lam Research to 'BBB' from 'BBB-'. We are also raising the issue-level ratings on the company's $450 million senior unsecured convertible bonds due 2016, $450 million senior unsecured convertible bonds due 2018, and $700 million senior unsecured notes due 2041 to 'BBB' from 'BBB-'. The stable rating outlook reflects our view that the company will continue its leadership positions within the semiconductor capital equipment industry, while maintaining its moderate financial policy and strong liquidity profile. On Oct. 24, 2013, Standard&Poor's Ratings Services raised its ratings on Lam Research Corp. to 'BBB' from 'BBB-'. The outlook is
