Standard & Poor´s affirms credit ratings on TeliaSonera AB

Standard & Poor´s affirms credit ratings on TeliaSonera AB

Rating agency Standard & Poor´s today affirmed its "A" long-term
corporate credit and senior unsecured debt rating on TeliaSonera AB. The
outlook is stable.

In addition Standard & Poor´s affirmed its "A-1" short-term corporate
credit and CP ratings on TeliaSonera. At the same time Standard & Poor´s
raised its long-term corporate credit, bank loan and senior unsecured
debt rating on TeliaSonera´s Finnish subsidiary Sonera Corporation to
"A" and the short-term rating to "A-1". The outlook is stable.

"We are pleased that Standard & Poor´s today affirmed our ratings and
thereby confirmed the strong credit-position of our Group", says Kim
Ignatius, CFO TeliaSonera.

N.B. See below the attached press release from Standard & Poor´s.

TeliaSonera 'A/A-1' Ratings Affirmed; Sonera Raised to 'A/A-1'; Off
Watch; Outlook Stable

S&P Affms TeliaSonera Rtgs; Sonera Raised; Off Watch

LONDON (Standard & Poor's) May 23, 2003--Standard & Poor's Ratings
Services said today it affirmed its 'A/A-1' corporate credit ratings on
Nordic telecommunications services provider TeliaSonera AB. The outlook
is stable.

At the same time, Standard & Poor's raised its corporate credit
ratings on TeliaSonera's Finnish subsidiary Sonera Corp. to 'A/A-1' from
'BBB/A-2', thereby equalizing the ratings with those of its parent. The
outlook is stable.

All ratings were removed from CreditWatch where they were
placed on March 27, 2002, following the news that the two companies were
to merge.

"The affirmation of the ratings on TeliaSonera reflects the
group's strong market positions in its core Swedish and Finnish markets,
strong free operating cash flow, conservative financial profile, and
moderate emerging market exposure," said Standard & Poor's credit
analyst Leandro de Torres Zabala.

The ratings on the two entities have been equalized, reflecting
expectations of the highest level of mutual support and cooperation,
other than explicit debt support. Standard & Poor's sees the Sonera
business as strategically important to TeliaSonera.

TeliaSonera does not guarantee Sonera's debt, but is expected
to operate a centralized treasury and refinance the outstanding Sonera
debt at maturity, as well as providing the new financing required for
Sonera operations.

The TeliaSonera group is expected to maintain its strong market
position in the Nordic and Baltic regions; generate strong operating
margins and positive discretionary cash flow; maintain a conservative
strategy in terms of acquisitions; and maintain a conservative financial
policy and experience no weakening of its business risk profile.

Complete ratings information is available to subscribers of
RatingsDirect, Standard & Poor's Web-based credit analysis system, at All ratings affected by this rating action can be
found on Standard & Poor's public Web site at;
under Fixed Income in the left navigation bar, select Credit Ratings
Actions. Alternatively, call one of Standard & Poor's Ratings Desks:
London (44) 20-7847-7400; Paris (33) 1-4420-6705; Frankfurt (49) 69-33-
999-223; or Stockholm (46) 8-440-5916. Members of the media may contact
the Press Office Hotline on (44) 20-7826-3605 or via

For further information journalists can contact:
TeliaSonera´s Press Office, +46 8 713 58 30

TeliaSonera, formed through a merger of Telia and Sonera in December
2002, is the leading telecommunications group in the Nordic and Baltic
regions. TeliaSonera is listed on the Stockholm Exchange, the Helsinki
Exchanges and Nasdaq Stock Market in the USA. Pro forma Net sales
January-March 2003 amounted to 20 billion SEK (EUR 2.2 billion). The
number of employees was 28,000.

This information was brought to you by Waymaker
The following files are available for download: