RNS Number:3937R
Toshiba Capital (Asia) Ld
13 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

7 February 2002 - The Issuer wishes to announce that the credit rating assigned
by Moody's Investors Service to Toshiba Corporation and the Notes issued under
the Programme has changed from A3 to Baa1.  The credit ratings assigned by
Rating and Investment Information, Inc. and Standard & Poor's to Toshiba
Corporation and the Notes issued under the Programme remain the same.

The reasons for the change in the credit rating assigned by Moody's Investors
Service are falling profitability.

           
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