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Strategies & Market Trends : Contrarian Investing
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From: pcyhuang5/21/2014 9:53:30 PM
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Nokia Corp. (NOK NYSE @$7.62)

NOK received a shot on the arm as three major credit rating agencies, namely, Standard & Poor’s Ratings Services (S&P), Moody’s Investor Service and Fitch Ratings upgraded the credit rating of the company.

The rating upgrade came on the back of on three considerations. Firstly, the disinvestment of the loss making Devices and Services division is viewed as a positive. Secondly, anticipated stabilization of the core Network business within the next 12 -18 months despite stiff competition is another positive. Thirdly, the recently declared capital structure optimization program of the company has further encouraged the upgrade. Meanwhile, Nokia also decided to reduce its debt by Euro 2 million by 2016.

S&P raised Nokia’s long-term credit rating to “BB” from “B+” and assigned a positive outlook. The company's financial risk profile has also been elevated to "intermediate" from "aggressive." Moody’s upgraded Nokia’s corporate family rating to Ba2 from B1. The rating agency also raised the rating of the company on a probability of default to Ba2-PD from B1-PD. The outlook on the rating is Stable. Additionally, Fitch Ratings promoted Nokia’s debt rating to “BB” from “BB-“.

Source: Zacks Research

Stock Chart: stockcharts.com
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