On Dec. 6, 2005, Standard&Poor's Ratings Services revised its outlook on Finland-based mobile telecommunications equipment manufacturer Nokia Corp. to stable from negative. At the same time, Standard&Poor's affirmed its 'A' long-term and 'A-1' short-term corporate credit ratings on Nokia. The outlook revision follows the stabilization of the company's market position and reflects ongoing strong profitability at Nokia's core mobile phone operation combined with a prudent financial policy. The ratings continue to reflect the company's leading position in the mobile handset market, with an estimated 33% global market share; industry leading profitability; strong cash flow generation; and very conservative financial policies. These factors are partly offset by the competitive nature of the mobile handset market--with competitors such
