TOKYO (Standard&Poor's) Nov. 29, 2012--Standard&Poor's Ratings Services today assigned its 'BBB' preliminary long-term corporate debt rating to Japan-based Toshiba Corporation's (BBB/Stable/A-2) ¥200 billion domestic bond shelf registration, effective for two years until Nov. 28, 2014. Our ratings on Toshiba 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 the ratings are the core semiconductor business' high susceptibility to market fluctuations and its highly variable profits, the company's consistent need for heavy capital investments, its heavy
