Moody's upgrades Nokia Solutions and Networks' /////////LINK
Nokia Siemens Networks Finance B.V.
Nokia Solutions and Networks B.V.
Moody's upgrades Nokia Solutions and Networks' rating to B1
Global Credit Research - 05 Sep 2013
Changes outlook to developing from positive
Frankfurt am Main, September 05, 2013 -- Moody's Investors Service has today upgraded the corporate family rating (CFR) and probability of default rating (PDR) of Nokia Solutions and Networks B.V. (NSN) to B1 from B2 and to B1-PD from B2-PD, respectively. Moody's has also upgraded to B1 from B2 the ratings of Nokia Siemens Networks Finance B.V.s EUR800 million of senior notes. In addition, Moody's has changed the outlook on the ratings to developing from positive.
The action follows the announcement on Tuesday that Nokia Oyj (Nokia), NSN's parent company, has agreed to sell the Devices & Services business to Microsoft Corporation for a total purchase price of EUR5.44 billion, as well as the positive operating performance of NSN in the first half of 2013.
"We have upgraded NSN to B1 on our expectation that the company's financial flexibility is likely to increase following Nokia's disposal of its cash demanding D&S division as well as reflect the ongoing improvements in NSN's operating performance and cash flow generation," says Roberto Pozzi, a Moody's Vice President and lead anal