Tokyo, November 29, 2012 -- Moody's Japan K. K. has assigned its (P)Baa2 rating to the domestic shelf registration of Toshiba Corporation (Toshiba). The rating outlook is stable.

The specific shelf registration rated is:

o JPY 200 billion, effective November 29, 2012

RATINGS RATIONALE

Toshiba's Baa2 rating reflects its strong presence and diversified business portfolio in the electronics industry. The rating also incorporates its leveraged financial position.

Toshiba is one of the largest companies in Japan with about 200,000 employees and occupies a significant position in the economy and society. It maintains stable relationships with its main banks. These factors are considered in its rating.

Upward rating pressure could emerge if Toshiba is able to increase and stabilize its overall profitability by further enhancing each segment's competitiveness - such that the operating profit margin would be at 4.0%, and/or adjusted debt/EBITDA would be at around 3.5x, both at sustained levels.

Downward rating pressure could emerge if its earnings weaken due to a significant decline in its market position, evidenced by adjusted debt/EBITDA of over 4.5x, and/or adjusted debt/capitalization of more than 75%, both at sustained levels. Also, the aggressive use of financial leverage for acquisitions or any drastic changes in financial policy would put downward pressure on the rating.

The principal methodology used in this rating was "Global Manufacturing Industry" published on December 29, 2010 and available on www.moodys.co.jp.

Toshiba Corporation, headquartered in Tokyo, is one of Japan's leading integrated electronics companies.

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Kazusada Hirose VP - Senior Credit Officer Corporate Finance Group Moody's Japan K.K. Atago Green Hills Mori Tower 20fl 2-5-1 Atago, Minato-ku Tokyo 105-6220 Japan JOURNALISTS: (03) 5408-4110 SUBSCRIBERS: (03) 5408-4100 Richard C Bittenbender Associate Managing Director Corporate Finance Group JOURNALISTS: (03) 5408-4110 SUBSCRIBERS: (03) 5408-4100 Releasing Office: Moody's Japan K.K. Atago Green Hills Mori Tower 20fl 2-5-1 Atago, Minato-ku Tokyo 105-6220 Japan JOURNALISTS: (03) 5408-4110 SUBSCRIBERS: (03) 5408-4100 Copyright 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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