On Feb. 6, 2009, Standard&Poor's Ratings Services said that it lowered its rating on Fremont, Calif.-based Lam Research Corp. to 'BB-' from 'BB'. The outlook is negative. The rating action primarily reflects Lam Research's significant decline in sales and profitability, as well as Standard&Poor's expectations of further declines throughout 2009, given the weak semiconductor capital equipment market. The rating on Lam Research reflects the volatile nature of the semiconductor capital equipment industry, the company's narrow business focus, as well as its high customer and product concentration. Lam Research's net cash position only partially offsets these factors. Lam Research is a global developer, manufacturer, and marketer of wafer etch, patterning, and single-wafer cleaning tools used to manufacture
