Data provided by McGregor BFA
All data is delayed
Loading...
See More

Moody’s cuts Nokia rating

Jul 27 2011 12:54 Reuters

Related Articles

Apple to pay royalties, Nokia says

Nokia's tech chief quits amid row

Nokia lowers outlook, see share price fall

Nokia beats profit estimates

How cars are keeping pace with cellphones

Nokia heralds 'new season'

 
Helsinki - US ratings agency Moody’s cut its credit rating on bonds of struggling Finnish phonemaker Nokia by two notches on Wednesday, and said the outlook on the rating was still negative.

A spokesperson for Nokia said the rating cut would have no material impact on the company’s current financing costs.

Fitch and S&P cut Nokia’s credit ratings last month.
 
Last week Nokia reported a steep net loss for the June quarter and surrendered its lead in the global smartphone market - which it created in 1996 with its first Communicator model - to rival Apple.

In recent years Nokia has failed to match the appeal of Apple and phones using Google software. It is now pinning its turnaround hopes on a new suite of devices using Microsoft software, due to start reaching consumers in late 2011.
 
“Visibility for Nokia’s future operating metrics such as mobile phones sold or average selling prices is currently very low due to the transition in its product offering,” Moody’s said.
 
However, it said Nokia has maintained a strong liquidity position and capital structure, which should support the transition process by covering possible cash burn.
nokia  |  microsoft  |  credit rating
NEXT ON FIN24X

 
 
 

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
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.
 
 

Zuma: Pray for peaceful polls

President Jacob Zuma has asked members of the Universal Church of the Kingdom of God to pray for peaceful elections on 7 May.

 
 

Latest elections multimedia

Why Jack Parow wants you to vote on 7 May
The ad the SABC doesn't want to air
Elections 2014 in one cartoon
This year's election posters

Money Clinic

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