TOKYO (Standard & Poor's) June 4, 2004--Standard & Poor's Ratings Services today revised the outlook to stable from negative on its long-term corporate credit rating on Toshiba Corp. (BBB-/Stable/A-3), reflecting a stabilization in the company's profitability and cash flow generation. At the same time, Standard & Poor's affirmed its long-term and short-term ratings on the company. The stabilized performance follows Toshiba's cost reduction and business restructuring measures, mainly in the electronic devices segment. Its operating margin after depreciation has improved consistently after falling to minus 2.1% in fiscal 2001 during the worst of the downturn in the company's performance. However, the ratio (excluding one-time profits from pension transfers to the government) rose only slightly in fiscal 2003, to 2.3% from
