TOKYO (Standard & Poor's) Aug. 2, 2002-- Standard & Poor's Ratings Services said today that it had lowered its corporate credit rating on Japanese integrated electronics maker Toshiba Corp. to 'BBB-' from 'BBB', based on the view that Toshiba will be unable to increase earnings from key businesses sufficiently to strengthen its weak financial profile and capital structure in the near term. In addition, the downgrade reflects concerns over the company's ability to strengthen its business position and earnings structure over the longer term. Standard & Poor's also affirmed its 'A-3' short-term credit rating on the company, and removed the ratings from CreditWatch, where they had been placed April 26, 2002. The outlook on the long-term credit rating is negative.
