Solid business franchise 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 access to capital markets and strong bank support High susceptibility of core semiconductor business and profit to market fluctuations Consistently heavy burden of capital investments, mainly in semiconductor business Relatively weak cash flow-related indicators and debt-to-capital structure for the current rating 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
