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STANDARD & POOR?S DOWNGRADED ELISA?S CRE

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ELISA CORPORATION  STOCK EXCHANGE RELEASE   APRIL 17 AT 5:30PM


STANDARD & POOR’S DOWNGRADED ELISA’S CREDIT RATING TO BBB+

Standard & Poor’s said today it lowered its long-term credit
rating of Elisa Corporation to ‘BBB+’ from ‘A-’. At the same time,
Standard & Poor’s affirmed its ‘A-2’ short-term corporate credit
rating on the company. The outlook is negative.

According to Standard & Poor’s the action on the long-term ratings
reflects the fact that debt reduction undertaken by Elisa has not
been  sufficient to achieve target credit ratios for the previous
rating. Standard & Poor’s explains its decision  by competitive
pressures in Elisa’s domestic fixed and mobile markets and weak
competitive position, and heavy cash losses, of its German
business.

Elisa’s Group Treasurer Juha Kervinen said that the downgrade will
not increase Elisa’s financing costs of the existing loan
arrangements. Naturally it will have impact to financing costs of
the future arrangements. Because of the minor financing needs of
Elisa’s businesses the influence on the financing costs will not
be significant.

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


ELISA CORPORATION


Jyrki Antikainen
Vice President, Communications

For further information

Group Treasurer, Juha Kervinen,
tel. +358 10 262 3625 or +358 50 555 3625

Distribution

Helsinki Exchange
Major Media

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