The ratings on Finland-based Nokia Corp. reflect the company's strong position in the fast-growing global mobile handset and networks industry, geographically well-diversified sales, and conservative capital structure. Nokia is the world's leading manufacturer of mobile phones and second-largest supplier of global system for mobile communications (GSM) networks. Industry risk for mobile phone manufacturers is generally high, owing to rapid technology changes and tough competition with intense price pressure. At the same time, the increased importance of brand names, design, product development, and economies of scale have raised the barriers to entry, which favors the global market leader Nokia. Key challenges for the company will be to continue developing products at the forefront of technology with strong customer appeal, and to
