Nokia 'disapointed' at Moody's decision to downgrade its financial forecast for mobile phone company
Finnish mobile-phone giant Nokia has said that it is ‘disappointed’ with the decision by Moody’s to downgrade its status following its recent announcement of record losses.
Moody’s has downgraded the long-term financial expectations of ‘Junk status’ which has led executive vice president and CFO for Nokia Timo Ihamuotila to release a statement highlighting the disappointment over the decision.
"While we are disappointed with Moody's decision, its impact on the company is limited. We are quickly taking action to position Nokia for future growth and success. Nokia will continue to focus on lowering the company's cost structure rapidly, improving cash flow and maintaining a strong financial position,” said Timo Ihamuotila.
Last week, Nokia released its Q2 figures for 2012, announcing higher losses than predicted, with a net loss rising to €1.41 billion from €368 million in 2011.