World's largest mobile phone supplier Industry-leading margins resulting from significant economies of scale, efficient logistics, and a strong brand and product portfolio Conservative financial policy, which targets a strong balance sheet Solid free cash flow generation through the cycle Low profitability and very challenging environment for the network business Fierce competition and short product lifecycle for the handset business Nokia's weak handset market positions in the U.S. The ratings on Finland-based mobile telecommunications equipment manufacturer Nokia Corp. reflect its dominant position in the mobile handset market, with an estimated 39% share of global volumes in 2008. Nokia has industry-leading profitability, owing to its strong product portfolio and large scale. The ratings are also supported by Nokia's conservative financial policy, which
