Fitch affirms Nokia, Siemens IDR

Fitch Ratings said it has affirmed the issuer default ratings (IDRs) of Nokia Corp. at A+ and Siemens AG at AA-, both with a stable outlooks, following their announcement of the merger of their respective communications infrastructure businesses in a 50:50 joint venture called Nokia Siemens Networks.

Affirmation of the ratings reflects Fitch's view that the merger of Nokia and Siemens' communications businesses will be largely neutral from a balance sheet perspective and positive in the context of the venture's business risk profile.

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