Press Release: Nokia comments on Fitch’s credit rating announcement

Just a Press Release Heads Up. This is in comment to Nokia’s Credit Rating which is now rated as Junk by Fitch because they are not convinced Nokia can turn things around in 18 months.

http://www.reuters.com/article/2012/04/24/us-nokia-fitch-idUSBRE83N0E220120424

Espoo, Finland – Timo Ihamuotila, Nokia’s Executive Vice President and CFO, comments on today’s unsolicited rating from Fitch:

“We are quickly taking action to position Nokia for future growth and success. Nokia will continue to increase its focus on lowering the company’s cost structure, improving cash flow and maintaining a strong financial position.”

Nokia’s financial position remains strong. As of March 31 2012, Nokia had gross cash balances of EUR 9.8 billion, and a net cash position of EUR 4.9 billion. Nokia reported its first quarter 2012 results on April 19, 2012.

http://press.nokia.com/2012/04/24/nokia-comments-on-fitchs-credit-rating-announcement/

Cheers Prasenjit Singh Bist for the tip

Category: Nokia