Nokia (NOK) Says Financial Position 'Remains Strong' Amid Fitch Downgrade

April 24, 2012 6:17 AM EDT
Timo Ihamuotila, Nokia's (NYSE: NOK) Executive Vice President and CFO, comments on today's unsolicited rating from Fitch:

"We are quickly taking action to position Nokia for future growth and success. Nokia will continue to increase its focus on lowering the company's cost structure, improving cash flow and maintaining a strong financial position."

Nokia's financial position remains strong. As of March 31 2012, Nokia had gross cash balances of EUR 9.8 billion, and a net cash position of EUR 4.9 billion. Nokia reported its first quarter 2012 results on April 19, 2012.

Earlier, Fitch lowered Nokia's Long-term Issuer Default Rating (IDR) and senior unsecured rating to 'BB+' from 'BBB-'. The Outlook on the Long-term IDR is Negative.

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