Toshiba's profitability and operating cash flow in fiscal 2012 were below our expectations, mainly because of weakness in its digital product business and negative free cash flow. As a result, key measures of Toshiba's financial standing are below our projections and its recovery is delayed compared with our existing projections. We are revising our outlook on our 'BBB' long-term corporate credit rating on Toshiba to negative from stable. We are affirming our 'BBB' long-term corporate and debt ratings and 'A-2' short-term corporate rating on the company because we assume key financial measures for the company will recover gradually in the current fiscal year. The negative outlook reflects uncertainties about an effective recovery of Toshiba's profitability and key financial ratios over
