Nokia 2009 Annual Report Download - page 258

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33. Risk management (Continued)
The most significant existing funding programs include:
Issuer(s):
Nokia Corporation: ......................... Medium Term Note (EMTN) program, totaling EUR
5 000 million
Nokia Corporation: ......................... Shelf registration statement on file with the US
Securities and Exchange Commission
Nokia Corporation: ......................... Local commercial paper program in Finland,
totaling EUR 750 million
Nokia Corporation: ......................... USCommercial Paper (USCP) program, totaling
USD 4 000 million
Nokia Corporation and Nokia International
Finance B.V.: ............................. Euro Commercial Paper (ECP) program, totaling
USD 4 000 million
Of the above funding programs, EMTN, Shelf registration and US Commercial Paper program have been
utilized in 2009. On December 31, 2009 a total of EUR 1 750 million, USD 1 500 million and
USD 693 million were outstanding under these programs, respectively. Local commercial paper
program and ECP program have not been used to a material degree in 2009.
Nokia’s international creditworthiness facilitates the efficient use of international capital and loan
markets. The ratings as of December 31, 2009 were:
Shortterm: Standard & Poor’s A1
Moody’s P1
Longterm: Standard & Poor’s A
Moody’s A2
F84
Notes to the Consolidated Financial Statements (Continued)