{"id":10768,"date":"2012-04-24T12:05:57","date_gmt":"2012-04-24T10:05:57","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=10768"},"modified":"2012-04-24T16:32:55","modified_gmt":"2012-04-24T14:32:55","slug":"nokia-downgraded-to-junk","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/mobile\/10768\/nokia-downgraded-to-junk\/","title":{"rendered":"Nokia downgraded to &#8216;junk&#8217;"},"content":{"rendered":"<p>Fitch Ratings downgraded its credit rating on struggling Finnish handset maker <a title=\"Nokia\" href=\"http:\/\/businesstech.co.za\/forum\/showthread.php\/1650-Nokia-Corporation\">Nokia<\/a> to junk status due to dwindling market share, and said the outlook remained negative.<\/p>\n<p>Fitch on Tuesday cut its rating on Nokia to BB+ from BBB- and said this could be downgraded further unless the company&#8217;s business showed improvements over the second half of 2012 and in 2013.<\/p>\n<p>&#8220;Given the potential headwinds facing the company, Fitch is currently not convinced that Nokia can attain this over the course of 18 months,&#8221; it said in a statement.<\/p>\n<p>Nokia defended its financial position in a separate statement.<\/p>\n<p>&#8220;Nokia will continue to increase its focus on lowering the company&#8217;s cost structure, improving cash flow and maintaining a strong financial position,&#8221; Chief Financial Officer <a title=\"Timo Ihamuotila\" href=\"http:\/\/businesstech.co.za\/forum\/showthread.php\/2030-Timo-Ihamuotila\">Timo Ihamuotila<\/a> said.<\/p>\n<p>Last week Nokia reported a steep loss for the first quarter, dropped its sales chief and promised to slash more costs.<\/p>\n<p><strong>Related article<\/strong><\/p>\n<p><a title=\"BusinessTech Article\" href=\"http:\/\/businesstech.co.za\/news\/mobile\/9937\/nokia-defends-position-after-moodys-cut\/\"><strong>Nokia defends position after Moody\u2019s cut<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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.<\/p>\n","protected":false},"author":7,"featured_media":9540,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[25,2510,187,1513],"class_list":["post-10768","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mobile","tag-active","tag-fitch","tag-nokia","tag-rating"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/10768","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=10768"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/10768\/revisions"}],"predecessor-version":[{"id":10801,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/10768\/revisions\/10801"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/9540"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=10768"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=10768"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=10768"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}