Nokia credit rating downgraded again
Rating agency Standard and Poor’s believes Nokia’s financial position is still worsening. The agency lowered Nokia’s rating from BBB+ to BBB, with Nokia’s short-term credit rating still at A-2. Last week Moody’s lowered Nokia’s credit rating.
The downgrades will increase Nokia’s borrowing costs. Standard and Poor’s based their decision on Nokia’s weaker-than-expected second quarter results, and uncertainty over the company’s future performance.
Nokia is in the process of developing a new line of smartphones based on Windows Phone software, after announcing in February that it would ditch its homegrown Symbian and Meego platforms.
The ratings agencies have noted that the time lag between announcing the decision and bringing new phones to market could affect Nokia’s income as it struggles to sell Symbian handsets.
Standard and Poor’s did predict that Nokia’s income would recover to 2010 levels by 2013, because it expects Nokia’s Microsoft partnership to ‘meaningfully improve the currently weak position of its smartphone portfolio.’
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