S&P Downgrades Nokia Rating To ‘Junk’ Status

Posted on Apr 28 2012 - 5:46am by Editorial Staff

With bad quarter results, Fitch downgraded rating and Samsung overtaking and becomes world’s biggest phone manufacturer, there is still more to come for the Finnish mobile giant Nokia as yesterday Standard & Poor’s downgraded Nokia’s rating from a low investment-grade prospect of BBB- to a non-investment (“junk”) one of BB+ in its long-term forecast. Nokia CFO Timo Ihamuotila responded much the same way as last time, stating:

“As we have detailed in recent announcements, Nokia is in the middle of a transformation program which encompasses every aspect of our business. We are implementing a decisive action plan to position our company for future growth and success. The main focus of these actions is on lowering the company’s costs, improving cash flow and maintaining a strong financial position, while bringing attractive new products to market.”

(Image Source: S&P logo, Featured Image)

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Editorial Staff

Editorial Staff at I2Mag is a team of subject experts led by Karan Chopra.