Nokia comments on Fitch’s credit rating announcement

Espoo, Finland – Timo Ihamuotila, Nokia’s Executive Vice President and CFO, comments on today’s unsolicited rating from Fitch:

“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.”

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. Nokia reported its first quarter 2012 results on April 19, 2012.