Our 'BBB' long-term corporate credit rating on Toshiba Corp. is derived from: The 'bbb' anchor for Toshiba, which we base on our assessment of the company's business risk profile as "satisfactory" and its financial risk profile as "intermediate." The stand-alone credit profile (SACP) for Toshiba, which is the same as the anchor for the company without application of any modifiers. 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 Stabilizing profitability as a result of business restructuring, reduced fixed costs, and favorable NAND flash-memory market Consistently heavy burden of capital investments, mainly in semiconductor business Relatively weak measures of cash flow
