LONDON (Standard&Poor's) March 21, 2016--Standard&Poor's Ratings Services said today that it has assigned its 'BB+' issue rating to the €1.5 billion revolving credit facility (RCF) maturing in 2018 and borrowed by Nokia Corp. (BB+/Positive/B) At the same time, we affirmed our 'BB+' issue rating on Nokia's senior unsecured notes. The recovery rating on Nokia's RCF and senior unsecured notes is '4', indicating our expectation of average recovery in the higher half of the 30%-50% range in the event of a payment default. Recovery prospects are primarily constrained by the sizable amount of pension deficit and receivables factoring, which we exclude from our estimate of Nokia's stressed enterprise value. In our simulated default scenario, we contemplate a
