On March 21, 2002, Standard&Poor's affirmed its ratings on Finland-based mobile handset and infrastructure manufacturer Nokia Corp, following its annual review. The ratings on Nokia reflect the company's strong market position in the global mobile handset industry, its positive cash generation, and a conservative capital structure, which provides Nokia with considerable financial flexibility. Despite very difficult market conditions, which resulted in the company experiencing year-on-year sales and profit declines in the fourth quarter of 2001, Nokia's operational and financial performance continues to be strong and superior to its peers. Nokia generated about €6.5 billion ($5.7 billion) cash from operating activities (after interest and tax) in 2001, and at Dec. 30, 2001, the company held net cash of about
