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STANDARD & POOR?S DOWNGRADED ELISA?S RAT

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ELISA CORPORATION                         STOCK EXCHANGE RELEASE
                                          23 DECEMBER 2003 AT 9.00am


STANDARD & POOR’S DOWNGRADED ELISA’S RATING

Standard & Poor’s informed that it has Downgraded Elisa’s credit
rating from BBB+ (negative outlook) to BBB (Stable).

The downgrade has been prompted by the ratings agency´s view that
Elisa is challenged to materially improve cash flow generation
relative to debt, particularly in light of its €300 million debt
maturity in 2006. Furthermore, limited growth prospects in the highly
competitive Finnish market and execution risks involved in
restructuring may have negative effect on cash flow improvement.
Lastly, the continued losses at Elisa’s German subsidiary negatively
impact the group’s credit profile

According to Elisa’s CFO Tuija Soanjärvi chance in rating will not
increase Elisa’s interest on current loan agreements. Standard &
Poor’s rating (BBB) is now on the same level as Moody’s (Baa2). The
development in Cashflow and Net Debt has been positive during this
year. The restructuring of the group in 2004 will improve
profitability and cashflow and Net Debt will be further reducedö,
Soanjärvi said.

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


ELISA CORPORATION



Velipekka Nummikoski
Vice President, Corporate Communications

For further information, please contact:
CFO Tuija Soanjärvi,
+358 10 262 2606


Distribution:
Helsinki Exchange
Major Media

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