S&P: Lam on watch

Standard & Poor's said it placed its BB- corporate credit rating on Lam Research Corp. on CreditWatch with negative implications following the company's announcement that it will be unable to timely file its 2007 form 10-K.

The company stated that it intends to file as soon as practicable, but does not expect that the 10-K will be filed "on or before the fifteenth calendar day following the required filing date as prescribed in Rule 12b-25," the agency said, adding that the delay has been caused by a review of the company's historical stock option practices.

While it is too early to assess the outcome of the investigations, Lam's liquidity should cushion the downside risk to the rating, S&P noted, stating that the CreditWatch listing reflects uncertainties regarding the outcome of the stock option review.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.