The ratings on Finland-based mobile telecommunications equipment manufacturer Nokia Corp. 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 as Motorola Inc. (BBB+/Stable/A-2), Samsung Electronics Co. Ltd. (A-/Stable/A-2), and SonyEricsson--in addition to rapid changes in technology and customer demands that put pressure on profitability. Nokia reported sales of €33.2 billion and EBITDA of €5.5 billion in the 12 months to Sept. 30, 2005. About 80% of the company's revenues are generated from mobile handsets, with about 20% from wireless network equipment. At Sept. 30,
