Nokia defends position after Moody’s cut
·16 Apr 2012
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.
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