(The following statement was released by the rating agency) NEW YORK, November 15 (Fitch) Recent shakeups around Toshiba Corporation have driven out credit default swap (CDS) spreads to their widest level in three years, according to Fitch Solutions in its latest CDS case study snapshot. Five-year CDS on Toshiba widened out 45% over the past week to price at the widest levels since 2012. The cost of credit protection on Toshiba has also risen significantly in the last six months and is now pricing firmly in non-investment grade territory. “Souring market sentiment for Toshiba is likely being driven by concerns surrounding management shake-ups, accounting scandals and disappointing earnings,” said Director Diana Allmendinger. Fitch Solutions case studies build on data from its CDS Pricing Service and proprietary quantitative models, including CDS Implied Ratings. These credit risk indicators are designed to provide real-time, market-based views of creditworthiness. As such, they can and often do reflect more short term market views on factors such as currencies, seasonal market effects and short-term technical influences. This is in contrast to Fitch Ratings’ Issuer Default Ratings (IDRs), which are based on forward-looking fundamental credit analysis over an extended period of time. Contact: Diana Allmendinger Director +1 212-908-0848 Fitch Solutions, 33 Whitehall Street, New York, NY 10004 Media Relations: Athos Larkou, London, Tel: +44 203 530 1549, Email: email@example.com; Sandro Scenga, New York, Tel: +1 212-908-0278, Email: firstname.lastname@example.org. Fitch Group is a global leader in financial information services with operations in more than 30 countries. Fitch Group is comprised of: Fitch Ratings, a global leader in credit ratings and research; Fitch Solutions, a leading provider of credit market data, analytical tools and risk services; BMI Research, an independent provider of country risk and industry analysis specializing in emerging and frontier markets; and Fitch Learning, a preeminent training and professional development firm. With dual headquarters in London and New York, Fitch Group is majority owned by Hearst.