Reuters: Technology News: Fitch cuts Nokia to junk, outlook negative

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Fitch cuts Nokia to junk, outlook negative Apr 24th 2012, 09:49 Tweet Share this Email Print Related News Nokia executive quits as phone sales plummet Thu, Apr 19 2012 Mobile operators unconvinced by Nokia's revival bid Tue, Apr 17 2012 Nokia hits new low as Moody's cuts rating Mon, Apr 16 2012 Nokia shares tumble after loss forecast Wed, Apr 11 2012 Nokia seeks to retake China market share Wed, Mar 28 2012 Analysis & Opinion An upward bias in jobless claims revisions 2nd Circ. to Internet (and YouTube): You can't knowingly infringe Picture shows a Nokia logo at a shop in Warsaw, January 26, 2012. Credit: Reuters/Kacper Pempel HELSINKI | Tue Apr 24, 2012 5:49am EDT HELSINKI (Reuters) - 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. (Reporting by Tarmo Virki; editing by James Jukwey) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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