July 5, 2013 / 10:01 AM / 6 years ago

S&P cuts Nokia rating by one notch to B+

LONDON, July 5 (IFR) - Standard & Poor’s downgraded Nokia by one notch to B+, from BB-, on Friday, citing pressure on the company’s net cash following its agreement to take over Siemens’ 50% stake in Nokia Siemens Network.

“We now anticipate Nokia’s net cash could be as low as 1.3 billion euros at the end of 2013,” S&P said.

The stable outlook assumes a significant reduction in cash losses and gradual market share improvement, S&P said.

Reporting by Natalie Harrison, IFR Markets; editing by Alex Chambers

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