Reuters: Technology News: Nokia shrugs off Moody's cut, says impact limited

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Nokia shrugs off Moody's cut, says impact limited Jul 23rd 2012, 12:30 Tweet Share this Email Print Related News Nokia's cash reserves hold up despite big loss Thu, Jul 19 2012 Italy passes market test after downgrade, concern persists Fri, Jul 13 2012 CORRECTED-UPDATE 3-Moody's downgrades Italy by two notches, might cut more Fri, Jul 13 2012 Nokia phones are displayed in a shop in Riga July 18, 2012. Credit: Reuters/Ints Kalnins HELSINKI | Mon Jul 23, 2012 8:30am EDT HELSINKI (Reuters) - Struggling mobile phone maker Nokia said the credit rating downgrade by Moody's earlier on Monday would have a limited impact, adding the company will continue to cut costs and protect its finances. "While we are disappointed with Moody's decision, its impact on the company is limited," Nokia's Chief Financial Officer Timo Ihamuotila said in a statement after Moody's said it downgraded Nokia's debt rating to Ba3 from Ba1. Nokia said its financial position remained strong with a net cash balance of 4.2 billion euros ($5.1 billion) at the end of June. It also said it had access to additional liquidity through a revolving credit facility of 1.5 billion euros available through March 2016. (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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