PARIS (S&P Global Ratings) March 23, 2021--S&P Global Ratings today said that the restructuring of Nokia Corp. (BB+/Stable/A-3) will lead to weaker-than-expected free operating cash flow (FOCF) in 2021, below our minimum €500 million threshold for the current rating on the company (see "Nokia Outlook Revised To Stable On Positive Free Cash Flow Generation; 'BB+' Rating Affirmed," published Feb. 25, 2021). Contrary to our previous expectations, Nokia will incur restructuring costs and associated charges totaling €600 million-€700 million over the next three years. Nokia's significant research and development (R&D) investment and inflation-related cost increases will broadly offset the €600 million cost savings from the 5,000-10,000 headcount reduction (out of 90,000) that we expect by the end of 2023. We anticipate
