Standard and Poor's ilmoittaa TeliaSoneran luottokelpoisuusluokan

TELIASONERA PÖRSSITIEDOTE 05.02.2003

Lehdistötiedote
2003-02-05

Standard and Poor?s ilmoittaa TeliaSoneran luottokelpoisuusluokan

Standard & Poor's -luokituslaitos ilmoitti tänään Telian ja Soneran
fuusion jälkeisen TeliaSoneran luokituksen. TeliaSonera AB:n uusi
luokka on "A". Telian aikaisempi luokka oli "A+" ja Soneran
luokitus oli
"BBB";

TeliaSonera AB on TeliaSonera-konsernin rahoituksen järjestelystä ja
lisärahoituksesta tästedes vastaava yhtiö.


Emme odota Standard & Poor?sin toimenpiteen vaikuttavan
merkittävästi
TeliaSonera AB:n rahoituskustannuksiin, sanoo Kim Ignatius,
TeliaSoneran rahoitusjohtaja.


Lisätietoja journalisteille antavat:
Krister Kylås, TeliaSonera AB
Puhelin + 46 8 713 62 71


Ohessa Standard & Poor?sin lehdistötiedote.


TeliaSonera AB Long-Term Ratings Lowered to 'A' After Merger With
Sonera; Still on Watch Neg


S&P Lwrs TeliaSonera AB Rtgs to 'A'; Still Watch Neg


LONDON (Standard & Poor's) Feb. 5, 2003--Standard & Poor's Ratings
Services said today it lowered its long-term corporate credit and
senior unsecured debt ratings on Nordic telecommunications services
provider TeliaSonera AB, formerly Telia AB, to 'A' from 'A+'
following the closure of the merger between Telia AB and Finnish
telecoms services provider Sonera Corp. (Sonera).

The 'A' long-term and 'A-1' short-term corporate credit and
debt ratings on TeliaSonera remain on CreditWatch with negative
implications.

In addition, the 'BBB' long-term and 'A-2' short-term
ratings on Sonera remain on CreditWatch with positive implications.

The lowering of the ratings on TeliaSonera is consistent
with the rating indication that Standard & Poor's gave on March 27,
2002, when it placed the ratings of Telia
and Sonera on CreditWatch following the announcement of the planned
merger.

"The rating action reflects the diluting effect on Telia's
credit strength of its merger with Sonera, which has a 'BBB' long-
term corporate credit rating, four notches below the previous 'A+'
rating on the former Telia," said Standard & Poor's credit analyst
Leandro de Torres Zabala.
All ratings remain on CreditWatch pending a meeting
between TeliaSonera and Standard & Poor's to review--inter alia--
TeliaSonera's financial forecasts, financial policy, emerging market
risk tolerance, and business strategy. Based on current information,
the corporate credit rating on
TeliaSonera is expected to remain in the mid to low 'A' rating
category. Standard & Poor's will also evaluate the likely level of
implicit credit enhancement that TeliaSonera will provide for Sonera
bondholders in the absence of explicit credit enhancement. This
evaluation will determine whether the senior unsecured debt ratings
on TeliaSonera and Sonera are to be equalized.

The ratings on TeliaSonera reflect the group's leading
market positions in its domestic markets (Sweden and
Finland), its strong positions in the Baltic region, and good free
cash flow generation. Key risk factors include:

-- Competitive and regulatory pressures in the Swedish
and Finnish markets;

-- TeliaSonera's exposure to higher risk markets such as in
Russia, Eurasia, and Turkey;

-- Exposure to loss-making international carrier and service
businesses operations; and
-- The integration risk relating to the ongoing merger
process.

Complete ratings information is available to subscribers of
RatingsDirect, Standard & Poor's Web-based credit analysis system,
at www.ratingsdirect.com. All
ratings affected by this rating action can be found on Standard &
Poor's public Web site at www.standardandpoors.com; under Fixed
Income in the left navigation bar, select Credit Ratings Actions.
Alternatively, call one of the Standard & Poor's Ratings Desks:
London (44) 20-7847-7400; Paris (33) 1-4420-6705; Frankfurt (49) 69-
33-999-223; Stockholm (46) 8-440-5916.

ANALYST E-MAIL ADDRESSES leandro_detorreszabala@standardandpoors.com
peter_kernan@standardandpoors.com
CorporateFinanceEurope@standardandpoors.com

Contact:
Leandro de Torres Zabala, London (44) 20-7826-3821;
Peter Kernan, London (44) 20-7826-3618
_____________
Forward-Looking Statements
This press release may contain forward-looking statements regarding
TeliaSonera´s mandatory redemption offer to Sonera´s shareholders
and warrantholders. Statements that are not strictly historical
statements, including statements about TeliaSoneras and Sonera?s
beliefs and expectations, constitute forward-looking statements. By
their nature, forward-looking statements are subject to risk and
uncertainty because they relate to events and depend on
circumstances that will occur in the future. TeliaSonera and Sonera
are under no obligation to, and expressly disclaim such obligation
to, update or alter their forward-looking statements, whether as a
result of new information, future events or otherwise.
Restrictions on Ability of Certain Persons to Participate in the
Mandatory Redemption Offer. Due to restrictions under the securities
laws of Australia, the Hong Kong Special Administrative Region of
the People´s Republic of China, Japan and New Zealand, the mandatory
redemption offer, insofar as it comprises an offer of TeliaSonera
securities, will not be made in any of Australia, the Hong Kong
Special Administrative Region of the People´s Republic of China,
Japan or New Zealand. The mandatory redemption offer will, however,
insofar as it comprises an offer of cash, be made in Australia, the
Hong Kong Special Administrative Region of
the People´s Republic of China, Japan and New Zealand. Due to
restrictions under the laws of Italy and South
Africa, the mandatory redemption offer, both as it comprises an
offer of TeliaSonsea securities or cash, will not be made in Italy
or South Africa.
Cautionary Disclaimer/Legend
On December 9, 2002, Telia announced the completion of its exchange
offer for all of the outstanding shares, including shares in the
form of American depositary shares, or ADSs, and certain warrants of
Sonera. Effective December 9, 2002, Telia changed its name to
TeliaSonera. As a result of the completion of the exchange offer,
TeliaSonera, pursuant to Finnish law, commenced a mandatory
redemption offer to acquire all of the outstanding shares, including
shares in the form of ADSs, and warrants of Sonera were not tendered
in the exchange offer. The contents of this document are neither an
offer to purchase nor a solicitation of an offer to sell shares of

TeliaSonera. Any offer in the United States will only be made
through a prospectus, as amended or supplemented, which is part of a
registration statement on Form F-4 which Telia originally filed with
the U.S. Securities and Exchange Commission (the ?SEC?) on October
1, 2002. Sonera shareholders who are U.S. persons or are located in
the United States are urged to carefully review the registration
statement on Form F-4, as it may be amended from time to time, the
prospectus, including any amendments or supplements thereto,
included therein and other documents relating to the offer that
TeliaSonera has filed or will file with the SEC because these
documents contain important information relating to the offer. You
may obtain a free copy of these documents at the SEC?s web site at
www.sec.gov. You may also inspect and copy the registration
statement on Form F-4, and any amendment thererto, as well as any
documents incorporated by reference therein at the public reference
room maintained by the SEC at 450 Fifth Street, NW, Washington, D.C.
20549. Please call the SEC at 1-800-SEC-0330 for further information
about the public reference room. These documents may also be
obtained free of charge by contacting TeliaSonera AB, Investor
Relations, SE123 86 Farsta, Sweden.
Attention: External
Communications or Investor Relations (tel: +46 8 7137143, or Sonera
Corporation, Teollisuuskatu 15, P.O. Box 106, FIN-00051 SONERA,
Finland. Attention: Investor Relations (tel: +358 20401). YOU SHOULD
READ THE PROSPECTUS, AND ANY AMENDMENTS OR SUPPLEMENTS THERETO
CAREFULLY BEFORE MAKING A DECISION CONCERNING THE OFFER.

TeliaSonera on Pohjolan johtava televiestintäyritys. Pohjola ja Baltian maat muodostavat konsernin kotimarkkinat.
TeliaSoneran päämääränä on palvella asiakkaitaan ydintoiminta-alueellaan ja luoda arvoa osakkeenomistajille voimakkaampien
tulosten ja kassavirtojen myötä. TeliaSonera noteerataan Tukholman Pörssissä, Helsingin Pörssissä ja NASDAQ:ssa. Yrityksen
pro forma -liikevaihto 31. joulukuuta 2001 oli
80,9 miljardia SEK, ja työntekijämäärä 30. kesäkuuta 2002 oli 34 045.
80,9 miljardia SEK, ja työntekijämäärä 30. kesäkuuta 2002 oli 34 045.

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http://www.waymaker.net/bitonline/2003/02/05/20030205BIT00790/wkr0002.pdf