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 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.Her journalism, criticism and commentary have appeared in The Times, The Sunday Times, The Guardian, Financial Times, BBC, Vogue Italia, LensCulture, Popular Photography, Android Magazine, NikonPro, DPReview, Which Digital Camera and Which Camera. She has lectured internationally on photography and mobile art, served as a juror for international photography awards, and exhibited her own photographic work across the UK, Europe, South Korea and the United States.Alongside her editorial work, Joanne's photographic and postgraduate research explores death, grief, memory, representation and social inequality through contemporary photography, participatory practice and visual research methods, with the longer-term aim of developing this work through doctoral research.Through TheAppWhisperer, she continues to publish independent photography journalism spanning contemporary photographic practice, mobile imaging, photographic apps, computational photography and emerging imaging technologies.Joanne is available for editorial commissions, photography projects, judging, curatorial work, speaking engagements, consultancy and selected collaborations.
