Conservative financial policy, which targets a strong balance sheet. Our expectation of solid free operating cash flow generation. Efficient operations and substantial intellectual property rights. Still the largest mobile phone supplier by volume, which offers scale advantages. Short product lifecycles of handsets. Declining operating margins for handset business due to fierce competition and uncompetitive Symbian-based smartphone portfolio. Weak handset market positions in the U.S. and Japan. Low profitability of and challenging competitive conditions facing the network business. The ratings on Nokia Corp. reflect our view of the group's conservative financial policy, which targets a strong balance sheet and a very robust liquidity position. They further reflect our expectation that the group will be able to generate solid free operating cash
