STANDARD & POOR'S CHANGED ELISA'S RATING OUTLOOK NEGATIVE

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ELISA CORPORATION STOCK EXCHANGE RELEASE 31 OCTOBER 2005 AT 5.15pm

STANDARD & POOR'S CHANGED ELISA'S RATING OUTLOOK NEGATIVE

Standard & Poor's Rating Services has affirmed Elisa's long term credit rating
BBB. The outlook was changed to negative from stable. The short term rating was
downgraded from A-2 to A-3.

The change in outlook was based on Elisa's difficult competitive enviroment in
Finland and increasing pressures for shareholder returns.

Standard & Poor's published today its own release on Elisa's credit ratings.

ELISA CORPORATION

Vesa Sahivirta
Director, IR and Financial Communication

For further information, please contact:


Juha Kervinen
Group Treasurer, tel. +358 10 2623625

Distribution:

Helsinki Exchanges
Major media

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