The ratings on Nokia Corp. reflect the company's strong market position in the global mobile handset industry, positive cash generation, and conservative capital structure, which provides Nokia with considerable strategic and financial flexibility. The company's performance continues to be strong and vastly superior to that of its peers. Nokia is the world's leading manufacturer of mobile phones, through its Nokia Mobile Phones division, and the second-largest supplier of GSM mobile communication networks, via its Nokia Networks division. The company had a turnover of about €21.2 billion ($20.7 billion) and operating profit of €3.3 billion for the nine months to Sept. 30, 2002. Nokia Mobile Phones accounted for about 78% of sales (and about 96% of operating profit before common group
