On July 27, 2010, Standard&Poor's Ratings Services placed its 'BB-' corporate rating on Fremont, Calif.-based Lam Research Corp. on CreditWatch with positive implications. In line with the recovery in the semiconductor industry, as of the March 2010 quarter, Lam's latest-12-month revenues have improved 15% year over year to $1.66 billion and adjusted EBITDA margins have improved to the 20% area from negative in the September 2009 quarter. These positive trends are likely to result in Lam approaching its pre-downturn revenue and margin levels of about $2.6 billion and the low-30% area, respectively, in the second half of 2010. Despite these trends, free operating cash flow generation has lagged expectations and unrestricted cash balances as of March 2010 were
