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Technology Stocks : Nokia Corp. (NOK) -- Ignore unavailable to you. Want to Upgrade?

To: Eric L who wrote (1310)	9/14/2001 5:11:22 PM
From: Puck	Respond to of 9255

I would make a reminder that a change in "Outlook" is something other than an actual change of a company's debt rating. I've found that once Moody's downgrades a company's "Outlook" whether or not an actual debt downgrade ensues is completely unpredictable. Many, many times I've seen Moody's downgrade a company's "Outlook" without a subsequent downgrade in debt rating. It is equally noteworthy that Moody's chose to maintain Nokia's stellar debt rating. They didn't even downgrade Ericsson's debt to sub-investment grade after Ericsson's huge operational losses the last two quarters. More than anything, this change in "Outlook" provides advance guidance to management what Moody's is looking at.