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Lam Research Corp. Senior Unsecured Convertible Notes Assigned 'BB+' Rating (Recovery Rating: 3)
Standard & Poors
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
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NEW YORK (Standard & Poor's) May 5, 2011--Standard & Poor's Ratings Services said today that it assigned its 'BB+' rating to Fremont, Calif.-based Lam Research Corp.'s (BB+/Positive/--) aggregate issuance of up to $800 million senior unsecured convertible notes. We also assigned a recovery rating of '3' to the debt, indicating our expectation for meaningful (50%-70%) recovery of principal in the event of default. Although the estimated numerical recovery is in the 90%-100% range, we have capped the recovery rating at '3' because of the recovery rating cap on unsecured debt of issuers in the 'BB' category. (See the criteria research report "Criteria Guidelines For Recovery Ratings On Global Industrials Issuers' Speculative-Grade Debt," published Aug. 10, 2009, on RatingsDirect.) The company...
Companies mentioned in this report are: Lam Research Corp.
Action: New Rating
Lam Research Corp.