FRANKFURT (Standard&Poor's) July 20, 2010--Standard&Poor's Ratings Services said today that its ratings and outlook on Finland-based mobile telecommunications equipment manufacturer Nokia Corp. (A/Negative/A-1) are unchanged following yesterday's announcement that 50%-owned Nokia Siemens Networks (NSN) has entered into an agreement with U.S.-based Motorola Inc. (BB+/Stable/--). Under the agreement, NSN will acquire the majority of Motorola's wireless network infrastructure assets for $1.2 billion in cash. The transaction is subject to regulatory approval and NSN expects it to close by the end of 2010. In our opinion, the acquisition could strengthen NSN's competitive position, particularly in the U.S. and Japan, and could slightly improve NSN's currently weak profitability. We understand that NSN intends to finance the acquisition with cash
