On June 17, 2008, Standard&Poor's Ratings Services revised its outlook on Finland-based mobile telecommunications equipment manufacturer Nokia Corp. to positive from stable, reflecting the group's conservative financial policy, coupled with ongoing strong operating performance and cash flow generation. At the same time, we affirmed the 'A' long-term and 'A-1' short-term corporate credit ratings on the company. The outlook revision reflects the possibility that the long-term rating on Nokia could be raised by one notch in the near term. This is because of the very solid profitability trend and strong competitive position of Nokia's handset business, the group's strong results over the past 12 months, and its minimal financial risk profile. However, an upgrade would also require Nokia to
