The rating on Japan's Toshiba Corp. (BBB/Stable/A-2) reflects its solid position in power generation and other industrial systems, medical equipment, its strong competitiveness in NAND flash memory, and its stable access to capital markets. The rating is constrained by the high susceptibility of the company's core semiconductor business to market fluctuations, its consistent need for heavy capital investments, and its relatively weak cash flow-related indicators and debt-to-capital structure compared with the current rating on the company. The company has a satisfactory business profile and intermediate financial profile. 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 2010 (ended March 31,
