SAN FRANCISCO (S&P Global Ratings) April 30, 2020--S&P Global Ratings today assigned its 'A-' issue-level rating to Fremont, Calif.-based semiconductor equipment manufacturer Lam Research Corp.'s proposed senior unsecured notes. The company will use the proceeds from these notes to repay the $1.25 billion of outstanding borrowings under its revolving credit facility and prefund $800 million of debt maturing in 2021. We rate the new notes at the same level as our issuer credit rating on the company. All of our other ratings on Lam remain unchanged. On March 12, 2020, we raised our issuer credit rating on Lam to 'A-' from 'BBB+' to reflect its growing scale and profitability through market share expansion, its consistent cash flow generation throughout semiconductor
