U.S. semiconductor manufacturing equipment provider Lam Research continues to gain market share in its core single-wafer clean and etch markets. The company has paid off all funded debt to eliminate covenants and has replenished its cash balance to over $1 billion from a downturn low of about $580 million as of the March 2011 quarter. We are raising the corporate credit rating to 'BB+', assigning a positive outlook, and removing the rating from CreditWatch. The positive rating outlook reflects our view that Lam's continued profitable market share growth, historically high revenue, and enhanced liquidity provide upside for the rating if sustained. On April 26, 2011, Standard&Poor's Ratings Services raised its corporate credit rating on Fremont, Calif.-based Lam Research
