RNS Number:1841R
Toshiba Capital (Asia) Ld
8 February 2002



                 Toshiba Capital (Asia) Ltd. (the "Issuer")
     U.S.$1,000,000,000 Euro Medium Term Note Programme (the "Programme") 
      Unconditionally and irrevocably guaranteed by Toshiba Corporation


31 January 2002 - The Issuer wishes to announce that the credit rating assigned
by Standard & Poor's to Toshiba Corporation and the Notes issued under the
Programme has changed from BBB+ to BBB.  The credit ratings assigned by Rating
and Investment Information, Inc. and Moody's Investors Service to Toshiba
Corporation and the Notes issued under the Programme remain the same.

The reasons for the change in the credit rating assigned by Standard & Poor's
are falling profitability and cashflow. 




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