Nokia 2008 Annual Report Download - page 223

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35. Risk Management (Continued)
The most significant existing funding programs include:
• Euro Medium Term Note (EMTN) program, totaling EUR 3 000 million
• Shelf registration statement for an indeterminate amount of debt securities on file with the US
Securities and Exchange Commission
• Local commercial paper program in Finland, totaling EUR 750 million
• Euro Commercial Paper (ECP) program, totaling USD 4 000 million
• US Commercial Paper (USCP) program, totaling USD 4 000 million
Of the above funding programs, only the US Commercial Paper program has been utilized to a
significant degree in 2008. On December 31, 2008 a total of USD 3 419 million was outstanding under
this program. The remaining four funding programs have not been used to a significant degree in
2008.
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 of December 31, 2008 were:
Shortterm: Standard & Poor’s A1
Moody’s P1
Longterm: Standard & Poor’s A
Moody’s A1
The following table below is an undiscounted cashflow analysis for both financial liabilities and
financial assets that are presented on the balance sheet, and offbalance sheet instruments such as
F79
Notes to the Consolidated Financial Statements (Continued)