TOKYO (Standard&Poor's) Sept. 22, 2008--Standard&Poor's Ratings Services today revised the outlook on its 'BBB+' long-term corporate credit rating on Toshiba Corp. and two of its subsidiaries (see list below) to negative from stable, reflecting increasing concerns that Toshiba's financial improvement will fall behind our original forecast. The prospects for a recovery in Toshiba's revenue and an improvement in the company's financial profile over the next 12 to 24 months are now questionable, mainly due to the sharp deterioration in the semiconductor market, which includes Toshiba's core NAND flash memory products. The 'BBB+' long-term and 'A-2' short-term corporate credit ratings were affirmed. Toshiba announced its revised business forecasts on Sept. 19, 2008. The company's operating income/loss for
