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Research Update: Finland-Based Technology Company Nokia And Subsidiary NSN Upgraded To 'BB' On Reduced Debt; Off Watch; Outlook Positive

Published May 15, 2014

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Abstract:

Following Nokia Corp.'s divestment of Devices&Services on April 25, 2014, and its announcement it will reduce debt by €2 billion over the next two years, we are raising our assessment of the company's financial risk profile to "intermediate" from "aggressive." We view Nokia's 100%-owned subsidiary Nokia Solutions and Networks (NSN) as a core subsidiary of Nokia and equalize our long-term rating on NSN with that on Nokia. We are raising Nokia's long-term corporate credit rating to 'BB' from 'B+'. We are raising our issue ratings on Nokia's and NSN's debt to 'BB' from 'B+' with a recovery rating of '3'. The positive outlook on Nokia and NSN reflects the potential for a one-notch upgrade in the next 12

Report Type:

Research Update

Issuer

Nokia Corp.

GICS

Communications Equipment (45201020)

Sector

Global Issuers

Country

Finland

Region

United States

Format:

PDF

Nokia Corp. – 2014/06/03 – US$ 500.00

Summary: Nokia Corp. – 2014/06/03 – US$ 225.00

Research Update: Finland-Based Technology Company Nokia Upgraded To 'BB+' On Solid Operating Performance; Outlook Positive – 2015/04/17 – US$ 225.00

Nokia Corp. – 2015/06/03 – US$ 500.00

Summary: Nokia Corp. – 2015/06/03 – US$ 225.00

Nokia And NSN 'B+' Credit Ratings Placed On Watch Positive On Planned Divestment Of Devices&Services Unit – 2013/09/09 – US$ 150.00

Research Update: Nokia And NSN 'B+' Credit Ratings Placed On Watch Positive On Planned Divestment Of Devices&Services Unit – 2013/09/09 – US$ 225.00

Nokia Downgraded To 'B+' On Acquisition Of 50% NSN Stake And Negative Free Operating Cash Flow Prospects; Outlook Stable – 2013/07/05 – US$ 150.00

Research Update: Nokia Downgraded To 'B+' On Acquisition Of 50% NSN Stake And Negative Free Operating Cash Flow Prospects; Outlook Stable – 2013/07/05 – US$ 225.00

Nokia Corp. – 2013/05/30 – US$ 500.00

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Cite this Report


MLA:	S&P Global Ratings’ Credit Research. "Research Update: Finland-Based Technology Company Nokia And Subsidiary NSN Upgraded To 'BB' On Reduced Debt; Off Watch; Outlook Positive" May 15, 2014. Alacra Store. May 03, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Finland-Based-Technology-Company-Nokia-And-Subsidiary-NSN-Upgraded-To-BB-On-Reduced-Debt-Off-Watch-Outlook-Positive-1480194>

APA:	S&P Global Ratings’ Credit Research. (). Research Update: Finland-Based Technology Company Nokia And Subsidiary NSN Upgraded To 'BB' On Reduced Debt; Off Watch; Outlook Positive May 15, 2014. New York, NY: Alacra Store. Retrieved May 03, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Finland-Based-Technology-Company-Nokia-And-Subsidiary-NSN-Upgraded-To-BB-On-Reduced-Debt-Off-Watch-Outlook-Positive-1480194>

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