The 'BB-' corporate credit rating on Lam Research Corp. remains on CreditWatch with positive implications pending Standard&Poor's Ratings Services' review of Lam's expected operating performance through early 2011 to determine the extent of any possible upgrade. Lam is a global developer, manufacturer, and marketer of wafer etch, patterning, and single-wafer cleaning tools used to manufacture memory, logic, and micro-electromechanical systems. Lam has a leading share of the etch market, a niche segment in the semiconductor capital equipment market. Given its relatively narrow product focus, the company selectively competes against more diversified players such as Applied Materials Inc. and Tokyo Electron Ltd. As of the September 2010 quarter, Lam's revenues have improved 16% sequentially to $805 million, supported by
