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MOODY´S REVIEWS ELISA´S RATINGS

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ELISA COMMUNICATIONS CORPORATION STOCK EXCHANGE RELEASE 9 JANUARY
2003 AT 6.00 PM


MOODY´S REVIEWS ELISA´S RATINGS

Moody´s placed the A3 long term ratings of Elisa Communications
Corporation on review for possible downgrade. The review process
has been prompted by the ratings agency´s concern over Elisa´s
future financial performance and cashflow generating capacity in
light of continued weakness and low growth of the industry, which
may affect negatively the Elisa´s business and profit.

ELISA COMMUNICATIONS CORPORATION


Jyrki Antikainen
Vice President, Financial Communications and IR

For further information, please contact:
CFO Vesa-Pekka Silaskivi, +358 50 329 9900

Distribution:
Helsinki Exchange
Major Media

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