Solid business and stable profitability in power generation, other industrial systems, and medical equipment Strong competitiveness in NAND flash memory market, backed by technological strengths and enhanced production Stable financing Market fluctuations in its core semiconductor business Consistently heavy burden of capital investments, mainly in semiconductor business Relatively weak measures of cash flow protection and debt-to-capital structure for the current ratings Our ratings on Japan's Toshiba Corp. (BBB/Stable/A-2) reflect its stable profits and cash flow from power generation, other industrial systems, and medical equipment as well as strong competitiveness in NAND flash memory, backed by technological strengths and enhanced production. Standard&Poor's Ratings Services also factors into the ratings stable access to capital markets and bank support. Constraints on
