Toshiba is Japan's second-largest diversified electronics manufacturer, after Hitachi Ltd. (BBB+/Stable/A-2). Toshiba's three core segments—Digital Products, Electronic Devices, and Social Infrastructure—accounted for about 90% of total sales in fiscal 2009 (ended March 31, 2010). The Social Infrastructure segment, which produces power generation plants, industrial systems, and medical equipment, has generated stable profits, backed by a strong business franchise, and it underpins the company's overall profitability. The Electronic Devices segment is the company's other business pillar, and Toshiba remains a major player in the global semiconductor market, supported by strong technological capabilities and a highly efficient production system for NAND flash memory. However, Toshiba's Electronic Devices segment is susceptible to cyclicality in the semiconductor market, so the segment experiences fluctuations in
