Nokia comments on Moody's credit rating announcement

Source: Nokia Press - Press Releases - August 22, 2013 

Nokia comments on Moody's credit rating announcement 

Espoo, Finland - Timo Ihamuotila, Nokia's Executive Vice President and CFO, comments on today's rating decision from Moody's:

"We are pleased that the strong cash position we have maintained throughout our transition has enabled us to take advantage of an opportunity to acquire full ownership of NSN, whose financial performance has strengthened markedly in recent quarters. In Devices & Services, we are pleased with the Lumia volume growth we delivered in the first half of this year and are looking forward to driving further share gains for the ecosystem. With these efforts our target is to return our Devices & Services business to sustainable cash generation as soon as possible."

At the end of the second quarter 2013 and prior to the closing of the NSN transaction, Nokia Group had gross cash of EUR 9.5 billion and net cash of EUR 4.1 billion.

Nokia notes that it also has access to additional liquidity via a revolving credit facility of EUR 1.5 billion, which is entirely undrawn and available to the company through March 2016. Nokia Siemens Networks also has a EUR 750 million revolving credit facility that is entirely undrawn and available through June 2015.

Further information on Nokia's debt instruments can be found in the company's Q2 2013 Interim Report issued on July 18, 2013.

About NokiaNokia is a global leader in mobile communications whose products have become an integral part of the lives of people around the world. Every day, more than 1.3 billion people use their Nokia to capture and share experiences, access information, find their way or simply to speak to one another. Nokia's technological and design innovations have made its brand one of the most recognized in the world. For more information, visit http://www.nokia.com/about-nokia .