Finland-Based technology company Nokia reported better results than we expected in 2014 and is likely to continue to do so in 2015. We view Nokia's proposed merger with French-American telecommunications equipment supplier Alcatel-Lucent overall as potentially credit-positive in the medium term. We are therefore raising our long-term corporate credit rating on Nokia to 'BB+' from 'BB'. The positive outlook reflects the potential for a one-notch upgrade if the combined entity is able to demonstrate revenue growth about in line with the industry, Standard&Poor's-adjusted EBITDA margins of about 10%, as well as sustainable positive discretionary cash flow. On April 17, 2015, Standard&Poor's Ratings Services raised its long-term corporate credit rating on Finnish technology company Nokia Corp. to
