Fitch announced on Tuesday that the distress Finnish mobile phone maker Nokia (NOK) credit rating to junk status, the main reason is that the market share continue to shrink. Fitch also said the new rating outlook to negative, and that the future may also be a further reduction in the Nokia rating.
Fitch announced that Nokia's rating fell to the BB + from BBB-. Fitch notes that the future may further downgrade, unless signs of improvement in Nokia's business in the second half of 2012 and 2013.
Nokia issued a statement immediately to make a defense for their own financial situation. Nokia CFO Timo Ihamuotila, said: "Nokia will continue to work to streamline the company's cost structure, improve cash flow and maintain a strong financial position." Last week, Nokia announced the first quarter were huge losses.
Fitch announced that Nokia's rating fell to the BB + from BBB-. Fitch notes that the future may further downgrade, unless signs of improvement in Nokia's business in the second half of 2012 and 2013.
Nokia issued a statement immediately to make a defense for their own financial situation. Nokia CFO Timo Ihamuotila, said: "Nokia will continue to work to streamline the company's cost structure, improve cash flow and maintain a strong financial position." Last week, Nokia announced the first quarter were huge losses.
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