Arab Today, arab today moody\s downgrades nokia credit rating to junk status
Last Updated : GMT 10:15:56
Arab Today, arab today
Arab Today, arab today

Moody\'s downgrades Nokia credit rating to junk status

Arab Today, arab today

Arab Today, arab today Moody\'s downgrades Nokia credit rating to junk status

Paris - AFP

Ratings agency Moody\'s downgraded Friday its long-term credit rating of Finnish telecommunications group Nokia by one notch to the speculative level of \"Ba1\" and said its outlook remained negative. \"Today\'s rating action reflects our view that Nokia\'s far-reaching restructuring plan ... delineates a scale of earnings pressure and cash consumption that is larger than we had previously assumed,\" a Moody\'s statement said, quoting senior vice president Wolfgang Draack. The agency nonetheless considered Nokia\'s decision to take on a drastic restructuring of its operations \"as positive and necessary to return the group to profitability. \"A return to profitability also depends on Nokia successfully transitioning its range of smartphones to the new Windows operating system and stabilising its feature phone business,\" the statement said. Nokia, one of the world\'s biggest mobile phone makers, shocked markets on Thursday when it unveiled 10,000 more job cuts as part of deep additional cost-cutting measures. \"These planned reductions are a difficult consequence of the intended actions we believe we must take to ensure Nokia\'s long-term competitive strength,\" Nokia chief executive Stephen Elop said in a statement. Following the news, Nokia, which only recently lost the world number one ranking it had held for 14 years, saw its share price plunge more than 16 percent on the Helsinki stock exchange. The company, which has been undergoing a major restructuring for more than a year, said it would implement an additional 1.6 billion euros ($2.0 billion) in cost reductions by the end of next year, especially affecting its beleaguered Devices & Services unit. Moody\'s underscored positive elements at the Finnish group meanwhile, noting \"that Nokia has maintained a strong liquidity position and capital structure. In addition, \"for its liquidity needs, Nokia also has a reliable 1.5 billion euro revolving credit facility due in 2016,\" the ratings agency said.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today moody\s downgrades nokia credit rating to junk status Arab Today, arab today moody\s downgrades nokia credit rating to junk status

 



Arab Today, arab today
Arab Today, arab today Fadi explains secrets of  Nancy Ajram's newlook

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 14:44 2017 Saturday ,25 February

China overtakes US as Germany’s top trade partner

GMT 05:53 2017 Saturday ,25 February

Global sovereign debt to hit new all-time high

GMT 05:17 2017 Saturday ,25 February

Oil world cautious on Trump’s next move

GMT 09:59 2017 Friday ,24 February

Baidu revenue slips anew amid ad clampdown

GMT 05:20 2017 Thursday ,23 February

WTO ratifies first multilateral trade deal
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Ola Ghanem hopes to work with M.Ramadan

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday