Moody’s Investor Service has today downgraded the senior debt ratings of the Finnish mobile giant Nokia to Baa3 from Baa2 and its short-term debt ratings to Prime-3 from Prime-2. All ratings continue to have a negative outlook. As soon as the rating announced, Timo Ihamuotila, Nokia’ Executive Vice President and CFO responds back by saying, “Nokia is quickly taking action. Nokia will continue to increase its focus on lowering the company’s cost structure, improving cash flow and maintaining a strong financial position.” Nokia will report its first quarter 2012 results on April 19, 2012.
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