Amid tougher-than-expected industry conditions, Finland-based technology company Nokia Corp. has expanded its restructuring measures. As a result, we have further lowered our medium-term forecasts for the company's revenue, margin, and free operating cash flow (FOCF). In our view, Nokia is still on track to meet its cost-cutting and transformation targets. However, we now forecast that the meaningful margin improvement we expected in 2017 will be delayed to 2018. We are therefore revising the outlook on Nokia to stable from positive and affirming the ratings at 'BB+'. The stable outlook reflects our expectation of only modest margin improvements in 2017, modest FOCF generation, and that Nokia will maintain a very conservative balance sheet with a reported net cash position of at
