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Announcement:

Moody's places Nokia's A2/P-1 ratings on review for possible downgrade

Global Credit Research - 28 Jan 2011

Approximately EUR5.3 billion senior debt affected

Frankfurt am Main, January 28, 2011 -- Moody's Investors Service has placed under review Nokia Oyj's (Nokia) A2 long term and Prime-1 short term debt ratings for possible downgrade. The rating review was caused by the gradual but steady weakening of Nokia's business profile and competitive position in mobile phones which has started to pressure profitability.

In its report for Q4, 2010 Nokia refers to significant challenges to its competitiveness and execution. This is reflected in a cautious view of its potential for near term margin recovery with an outlook for Q1, 2011 of an operating margin in Devices & Services between 7% and 10% compared to the 12.1% achieved in Q1, 2010. Despite the solid contributions of the new models including the new Symbian based N8 and the affordable C3 in Q4, it is still uncertain if they will have a meaningful impact on long-term revenues and margins. In addition, the communications networks business conducted by the Nokia and Siemens joint venture NSN continues to dilute group profitability with limited prospects for a substantial near term turnaround. Moody's expects a possible rating downgrade, if any, to be limited to one notch of the long term rating as the company retains a very solid financial profile which should provide time and some flexibility for any strategic adjustment.

At first estimates, Nokia has met the rating guidance for financial metrics with free cash flow above EUR1.0 billion (around EUR2.6 billion estimated for 2010) and a net cash position including Moody's adjustments to debt (about EUR4.6 billion net cash), but the path to the expected double-digit operating margin for the group in 2011, the third criterion, is currently quite uncertain.

Moody's rating review for Nokia will focus on (i) the company's strategy to regain brand recognition and market share in the smartphone segment and stem the erosion in the low-end phone sector, which together are challenging Nokia's traditional strengths of product innovation and cost-competitive manufacturing of mobile phones on a large scale; (ii) the potential for a turnaround in its margin erosion based on upgrades to the product-line-up and refresh of operating systems; (iii) the extent of restructuring needed to fundamentally strengthen the competitive position, and (iv) the plans for the Nokia Siemens Networks joint venture which is currently diluting group margins.

Issuer: Nokia Oyj ,

..On Review for Possible Downgrade:

.... Issuer Rating, Placed on Review for Possible Downgrade, currently A2

....Senior Unsecured Commercial Paper, Placed on Review for Possible Downgrade, currently P-1

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently (P)A2, (P)P-1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Negative

Issuer: Nokia Finance International B.V. ,

..On Review for Possible Downgrade:

....Senior Unsecured Commercial Paper, Placed on Review for Possible Downgrade, currently P-1

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Negative

The principal methodology used in rating Nokia was Moody's "Global Communication Equipment Industry Rating Methodology", published in June 2008 and available on www.moodys.com. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found on Moody's website.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

Nokia Oyj, headquartered in Espoo, Finland, is the world's largest manufacturer of mobile communication devices with a share in the thirties of the global market and also is a leading supplier of telecommunication network systems. Reported net sales in 2010 amounted to about EUR42.4 billion.

Frankfurt am Main
Wolfgang Draack
Senior Vice President
Corporate Finance Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Paris
Eric de Bodard
MD - Corporate Finance
Corporate Finance Group
Moody's France SAS
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SUBSCRIBERS: 44 20 7772 5454

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Moody's places Nokia's A2/P-1 ratings on review for possible downgrade
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