Nokia 2007 Annual Report Download - page 215
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35. Risk Management (Continued)
• Local commercial paper program in Finland, totaling EUR 750 million
• Euro Commercial Paper (ECP) program, totaling USD 500 million
• US Commercial Paper (USCP) program, totaling USD 500 million
None of the above programs have been used to a significant degree in 2007.
Nokia’s international creditworthiness facilitates the efficient use of international capital and loan
markets. The ratings of Nokia from credit rating agencies have not changed during the year. The
ratings as at December 31, 2007 were:
Shortterm: Standard & Poor’s A1
Moody’s P1
Longterm: Standard & Poor’s A
Moody’s A1
F72
Notes to the Consolidated Financial Statements (Continued)