TOKYO (Standard & Poor's) Aug. 29, 2001--Standard & Poor's today revised the outlook on its long-term corporate credit ratings on Toshiba Corp. and related entities Toshiba America Inc. and Toshiba Capital (Asia) Ltd. to negative from stable. At the same time, Standard & Poor's affirmed its triple-'B'-plus long-term and 'A-2' short-term ratings on the companies. The outlook revision reflects concerns that an anticipated prolonged slump in the electronic devices market and weakening global economic conditions will continue to place severe pressure on the company's earning performance. Such pressure could lead to a deterioration in Toshiba's credit protection measures. The outlook change also reflects uncertainty over the company's ability to improve--or even maintain--its competitiveness and thus its earning power over the
