Nokia has had its stock market rating downgraded by share-watching outfit Standard and Poor for the first time in its history.
The Finnish mobile maker's status ahs been dropped from 'A' (strong) to A- (satisfactory) on the back of predicted losses for this year and next.
Nokia spokesman James Etheridge told Thinq, “We're pleased that S&P has noted the strength of Nokia's Mobile Phones business unit as well as our strong financial profile, robust liquidity position, and our commitment to maintaining a conservative capital structure.”
Asked if Nokia's legal battle with Apple was having a negative effect on Nokia's standing, Etheridge said the company's management did not expect the litigation with Apple, or any of the other company to have “a material adverse effect on our financial condition.”
"The dispute with Apple began because of their failure to agree appropriate terms to license Nokia's standards-essential patents, which they have been infringing since the launch of the iPhone in 2007,” Etheridge said. "Apple, through its use of Nokia patents without appropriate compensation, is seeking a free ride on the back of Nokia's significant innovation. Though litigation is always a last resort, we intend to pursue our claims against Apple to protect Nokia's interests."
Nokia's stock fell by 0.24 per cent today whcich could be attributed to the downgrade.