Nokia Comments on Standard & Poor's Credit Rating Announcement
Timo Ihamuotila, Nokia's (NYSE: NOK) Executive Vice President and CFO, comments on today's rating announcement from Standard & Poor's:
"As we have detailed in recent announcements, Nokia is in the middle of a transformation program which encompasses every aspect of our business. We are implementing a decisive action plan to position our company for future growth and success. The main focus of these actions is on lowering the company's costs, improving cash flow and maintaining a strong financial position, while bringing attractive new products to market."
Nokia's financial position remains strong. As of March 31, 2012, Nokia had gross cash balances of EUR 9.8 billion, and a net cash position of EUR 4.9 billion.
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