Finnish mobile telecommunications equipment manufacturer Nokia Corp.'s second-quarter results and guidance for the third quarter of 2012 are lower than we previously expected. We now anticipate net cash falling to less than €3 billion by year-end 2012, including cash restructuring outflows. We are lowering our long-term rating on Nokia to 'BB-' from 'BB+' and affirming our 'B' short-term rating. The negative outlook reflects the possibility of another downgrade if Nokia fails to stabilize its margins and significantly cut its cash losses. On Aug. 15, 2012, Standard&Poor's Ratings Services lowered its long-term corporate credit rating on Finnish mobile telecom equipment manufacturer Nokia Corp. to 'BB-' from 'BB+' and affirmed its 'B' short-term corporate credit rating. The outlook is negative.
