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Research Update: Finnish Mobile Handset Maker Nokia Cut To 'BBB+/A-2'; On Watch Neg On Likely Weaker 2011 Operating Performance Jun 11 Product Image

Research Update: Finnish Mobile Handset Maker Nokia Cut To 'BBB+/A-2'; On Watch Neg On Likely Weaker 2011 Operating Performance Jun 11

  • ID: 1818851
  • June 2011
  • Region: Finland
  • Standard & Poors

Abstract
Finnish mobile telecoms equipment manufacturer Nokia has announced that it expects significantly lower sales and margins for its Devices and Services segment in second-quarter 2011 and has withdrawn its 2011 outlook for this segment. We now anticipate that Nokia will likely report significantly weaker operating results in 2011 than we had expected. We are lowering our ratings on Nokia to 'BBB+/A-2' and placing them on CreditWatch with negative implications. We aim to resolve the CreditWatch following our review of the company's near-term operational prospects; at this stage, we believe the long-term rating will remain investment-grade. On June 9, 2011, Standard & Poor's Ratings Services lowered its long- and short-term corporate credit ratings on Finland-based mobile telecommunications equipment manufacturer Nokia Corp....

Companies mentioned in this report are:
- Nokia Corp.

Action: Downgraded
Action: On CreditWatch:Negative

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