Moody Downgrades Nokia’s Credit Rating To One Notch Above ‘Junk’ Status
Reuters are reporting today that Moody’s have cut their rating on Nokia to just one notch above ‘junk’ today, April 16, 2012. This sent Nokia into a bit of a frenzy trying to defend its cash position and cost-cutting plans.
Immediately they issued a press statement, "Nokia will continue to increase its focus on lowering the company’s cost structure, improving cash flow and maintaining a strong financial position’. Nokia CFO Timo Ihamuotila said in an official statement after Moody’s reduced their long term credit rating to Baa3.
Nokia warned last week of losses for the first and second quarters, stating it had gross cash balances of 9.8 billion euros ($12.8 billion) and a net cash position of 4.9 billion euros as of March 31. ($1 = 0.7644 euros).
Joanne Carter
Joanne Carter BA (Hons), ARPS is a British photographer, photography journalist, editor and curator, and the founder and editorial director of TheAppWhisperer.com, an independent international photography publication established in 2009.She holds a First Class Honours degree in Photography and is an Associate of the Royal Photographic Society (ARPS).Her journalism, criticism and editorial work have appeared in The Times, The Sunday Times, The Guardian, Financial Times, BBC, Vogue Italia, LensCulture, Popular Photography and NikonPro, among other international publications.Through TheAppWhisperer, she brings together academic knowledge, professional photographic expertise and more than 17 years of specialist editorial experience to examine contemporary photography, mobile imaging, computational photography, photographic applications and emerging imaging technologies.
