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April 14, 1992

CREDIT RATINGS

By CBR Staff Writer

Nokia Oy of Helsinki is still regarded by Standard & Poor’s Corp as a blue chip risk, but the New York agency has lowered its rating on the commercial paper of the company’s Nokia Capital Inc unit and on the Eurocommercial paper of the Nokia Finance International BV unit to double-A from triple-A, citing the significant deterioration in the group’s operating profitability during 1991 and uncertainty as to the speed at which profitability can be restored by the Finnish company.

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