• IS provokes sea-change

    It has been a grave mistake to defy both Russia and France, says Leopold Scholtz.

  • Nene's SAA nemesis

    No political figure seems to have the guts to speak out against Dudu Myeni, says Solly Moeng.

  • The mp3 revolution

    Ian Mann takes a look at the war between digital music and the compact disc.

All data is delayed
See More

Fitch cuts Nokia to junk

Apr 24 2012 12:20
Helsinki - Fitch Ratings downgraded its credit rating on struggling Finnish handset maker Nokia to junk status due to dwindling market share, and said the outlook remained negative.

Fitch on Tuesday cut its rating on Nokia to BB+ from BBB- and said this could be downgraded further unless the company's business showed improvements over the second half of 2012 and in 2013.
"Given the potential headwinds facing the company, Fitch is currently not convinced that Nokia can attain this over the course of 18 months," it said in a statement.

Nokia defended its financial position in a separate statement.

"Nokia will continue to increase its focus on lowering the company's cost structure, improving cash flow and maintaining a strong financial position," chief financial officer Timo Ihamuotila said.

Last week Nokia reported a steep loss for the first quarter, dropped its sales chief and promised to slash more costs.
nokia  |  fitch ratings


Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

We're talking about:


Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

The 25 basis points interest rate increase is:

Previous results · Suggest a vote