Nokia defends Fitch ratings

In a response to the Fitch ratings, a global rating agency, Timo Ihamuotila, Nokia's executive vice president and CFO commented, "We are quickly taking action to position Nokia for future growth and success. Nokia will continue to increase its focus on lowering the company's cost structure, improving cash flow and maintaining a strong financial position."

He added, "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."

Fitch reduced its rating on Nokia to BB+ from BBB-. Fitch warned Nokia that it would be further downgraded unless the company's business showed improvements over the second half of 2012 and in 2013.