Reuters: Technology News: Nokia defends cash position after Moody's downgrade

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Nokia defends cash position after Moody's downgrade Apr 16th 2012, 11:48 Tweet Share this Email Print Related News Investors losing faith that Nokia can stop the rot Thu, Apr 12 2012 Nokia shares tumble after loss forecast Wed, Apr 11 2012 Analysis & Opinion Corporate cash surplus will be easy to misspend Press Round-up – March 29 General view of the Nokia flagship store in Helsinki July 18, 2011. Credit: Reuters/Jussi Helttunen/Lehitikuva HELSINKI | Mon Apr 16, 2012 7:48am EDT HELSINKI (Reuters) - Moody's cut its rating on Nokia to one notch above junk on Monday, prompting the Finnish mobile phone company to defend its cash position and cost-cutting plans. "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 a statement after Moody's cut its long-term credit rating to Baa3. Nokia, which warned last week of losses for the first and second quarters, said 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) (Reporting by Helsinki Newsroom) 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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