Nokia, NSN upgraded to BB by S&P Standard & Poor's Ratings Services has raised its long-term corporate credit rating on Finnish technology company Nokia Corp. and on its subsidiary Nokia Solutions and Networks B.V. to 'BB' from 'B+'. The outlook is positive. S&P also affirmed the 'B' short-term rating on Nokia. S&P says "The upgrade reflects our anticipation that the company will reduce gross debt by EUR2 billion by using part of the EUR5.6B proceeds from the sale of its cash-burning Device & Services division, and will keep comfortable cash balances even after Nokia's announced EUR3B of shareholder returns. Given the importance of NSN for the Nokia group following the sale of the cash-burning D&S, we will now equalize our rating on NSN with that on Nokia. The upgrade of NSN therefore reflects our view of NSN as a 'core' subsidiary of Nokia, based notably on its integrated and material role for Nokia and Nokia's full ownership. As per our group rating methodology, the ratings and outlook on NSN mirror the long-term corporate credit rating and outlook on Nokia."
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