Nokia Oyj -- Moody's upgrades Nokia's ratings to Ba2 from B1; stable outlook

Frankfurt am Main, May 12, 2014 -- Moody's Investors Service has today upgraded to Ba2 from B1 the corporate family rating (CFR) and to Ba2-PD from B1-PD the probability of default rating (PDR) of Nokia Oyj (Nokia), following the announcement of its new strategy and capital structure optimisation programme, the completed divestment of its mobile handset operations, and the anticipated stabilisation of its core Nokia Siemens Networks business, renamed Networks. The outlook on the ratings is stable. Concurrently, Moody's withdrew the B1 CFR and B1-PD PDR of Nokia Solutions and Networks B.V. (NSN).

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