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Lam Research Corp. -- Moody's assigns A3 to Lam Research's proposed sr unsec debt; outlook stable

Moody's Investors Service, ("Moody's") assigned an A3 senior unsecured rating to Lam Research Corp. ("Lam")'s proposed debt offering. In January, Lam announced a new $5 billion share repurchase program that will be executed over an indefinite time period. While Lam did not specify the pace of share buyback under the new authorization, Moody's base case scenario is that the company will execute the entire authorization with $625 million of gross share buybacks over each of the next eight quarters.