LONDON -- Standard&Poor's CreditWire 6/29/98 -- Standard&Poor's today raised Nokia Corp.'s (Nokia) long-term corporate credit rating to single-'A' from single-'A'-minus. At the same time Nokia's 'A-1' short-term corporate credit and commercial paper ratings and its related entities were affirmed (see list below). The long-term outlook is stable. The rating action reflects Nokia's substantial cash flow generation and rapid revenue growth stemming from its strong position within the rapidly growing cellular phones and networks industry. The rating upgrade also reflects Nokia's high degree of financial flexibility thanks to its conservative capital structure and low debt levels. While industry risk is high due to rapid technology changes and tough competition, Nokia has so far successfully managed to defend
