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Nokia confident for future as Moody's confirms downgrade

Friday 23 August 2013 | 10:57 CET | News
Credit rating agency Moody's has downgraded Nokia's corporate family rating (CFR) and probability of default rating (PDR) to B1 and B1-PD from Ba3 and Ba3-PD respectively. The action ends the review for downgrade announced in early July and incorporates the company's recent results and the financing arranged for the EUR 1.7 billion acquisition of a 50 percent stake in Nokia Solutions and Networks (Nokia Siemens Networks or NSN). The outlook on all ratings is negative. Nokia executive VP and CFO Timo Ihamuotila responded to the news by saying that the company was pleased with its strong cash

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Categories: Mobile & Wireless
Companies: Nokia / Nokia Siemens Networks
Countries: World
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