Nokia Corp.'s smartphone portfolio has lost significant market share and the company has announced margin guidance for the first quarter of 2011 that was materially weaker than we had previously expected. We are placing the 'A' long-term and 'A-1' short-term corporate credit ratings on the company on CreditWatch with negative implications. We aim to resolve the CreditWatch following our review of the company's medium-term strategic and operational prospects; a one-notch downgrade appears likely at this stage. On Feb. 1, 2011, Standard&Poor's Ratings Services placed its 'A' long-term and 'A-1' short-term corporate credit ratings on Finland-based mobile telecommunications equipment manufacturer Nokia Corp. on CreditWatch with negative implications. The CreditWatch placement follows Nokia's announcement that its preliminary estimated share of
