National Semiconductor Corp has won a warm vote of confidence from Standard & Poor’s Corp, which revised its ratings outlook on the big chipmaker to positive from stable, recognising the company’s improved profitability and operating cash flows. The preferred stock rating is affirmed at double-B’ and the corporate credit rating is double B’-plus. The agency likes the enhancements to the product mix over the last few years, the company’s conservative business and financial practices, but notes the aggressive industry conditions and the company’s short track record at recent performance levels.If it can successfully implement its business transition, the company’s corporate credit rating could be adjusted upwards to low investment grade over the next few years, Standard & Poor’s concluded.
