FRANKFURT (Standard&Poor's) Jan. 26, 2009--Standard&Poor's Ratings Services said today that it revised its outlook on Finland-based mobile telecommunications equipment manufacturer Nokia Corp. to stable from positive, reflecting the group's expected weaker operating performance in 2009 because of the current macroeconomic downturn. Standard&Poor's also said that it affirmed our 'A' long-term and 'A-1' short-term corporate credit ratings on the company. "The outlook revision primarily reflects our expectation that global handset sales will fall significantly in 2009," explained Standard&Poor's credit analyst Matthias Raab. "This will likely affect Nokia's margins and free cash flow generation, therefore making an upgrade to 'A+' unlikely in the short term." We also expect Nokia's 50%-owned network infrastructure business, Nokia
