Moody's rates Toshiba bonds A3

Moody's Investors Service said it assigned A3 ratings to Toshiba Corp.'s three senior unsecured domestic straight bonds: ¥50 billion series 43 bonds due 2010, ¥30 billion series 44 bonds due 2013 and ¥20 billion series 45 bonds due 2016.

The outlook is negative.

The ratings reflect the company's strong presence in the electronics industry with a diversified customer base and a wide range of products, Moody's said.

The ratings also incorporate Toshiba's relatively high leverage and the volatile nature of the electronic devices business, its major profit-contributing segment, the agency added.

The negative outlook reflects uncertainty about whether Toshiba can implement its integration strategy of recently acquired Westinghouse as planned and achieve its overall business and financial plans in a timely manner, Moody's said.

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