U.S. semiconductor capital equipment manufacturer Lam Research Corp.'s operational performance has exceeded our expectations in recent years, and we believe that the company will be able to sustain good profitability over industry cycles while maintaining a conservative financial policy. We are raising our corporate credit rating on Lam to 'BBB+' from 'BBB'. We are also raising our issue-level rating on Lam's unsecured notes to 'BBB+' from 'BBB'. The stable outlook reflects our expectation that the company will maintain its leadership positions in etch, deposition, and clean products within the semiconductor capital equipment industry, and that its conservative financial policy will remain intact, providing a buffer for potential industry volatility. On June 15, 2017, S&P Global Ratings raised its corporate credit
