Nokia dismisses Moody's downgrade

HELSINKI (AP) ? Nokia says it is "disappointed" that Moody's has downgraded the company's long-term senior unsecured debt ratings to Ba3 from Ba1.

The rating agency said Monday that the change was prompted by its view that Nokia's smartphone business could post bigger operating losses, while draining the company of cash, during the transition to the new Windows Phone 8 operating software this year.

Nokia said the impact of the downgrading would have a limited impact, and pledged to keep cutting costs and protecting its financial position.

The downgrade is Moody's third on Nokia since April.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-07-23-Nokia-Moody's/id-2c4b18c8a6aa4cd9abcc65a583bba609

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