信用评等与股价再降，谁敢比诺基亚惨？

由于营收持续亏损，诺基亚公司(Nokia Corp.)几乎已经被打入信用评等差的“垃圾债券”(junk bond)企业了。诺基亚公司近期不但股价持续下跌，就在该公司发布第2季营收亏损惨重过后几天，国际信评机构也纷纷调降其债信评等。 穆迪投资者服务公司(Moody's Investors Service)将诺基亚公司的债券发行下调到比投资级更低三级的评等。在此之前，惠誉国际信用评等公司(Fitch Ratings Ltd.)己在上周先行调降诺基亚的债信评等。 穆迪公司将诺基亚的长期信评从Ba1级下周至Ba3级，并确信该公司的前景“仍将持续负成长。”该信评机构强调，诺基亚在第二季的手机与服务业务均表现不佳，再加上被诺基亚视为可望带来希望的Lumia智能手机销售状况也还无法弥补该公司在财务上的重大缺口。 对于诺基亚Ba3评等的负面看法反映在几个方面的前景不明：首先是智能手机市占率能见度低，以及采用Windows操作系统的装置是否能取得可为诺基亚带来营收贡献的稳定市占率也不得而知。其次，该公司的功能手机在新兴市场的需求与利润潜力有多大？还有，诺基亚在未来的现金流可能遭受到价格压力、市场动机与重组支出的诸多不利影响。 因此，诺基亚未来提升信评等级的可能性也不大，穆迪公司表示。 对于国际信评机构的作法，诺基亚公司主管团队质疑该机构对于公司财务恶化状况所作的结论。诺基亚公司首席财务官Timo Ihamuotila在新闻稿中说：“虽然我们对于穆迪的决定感到失望，但它对于公司的影响是有限的，因为我们正迅速采取行动，将诺基亚定位于可在未来实现成长与成功的位置。诺基亚将继续专注于迅速降低公司的成本结构，改善现金流并维持稳健的财务状况。” 诺基亚所采取的这些行动包括大规模裁员以及与微软公司策略联盟──诺基亚将为其手机押注于微软Windows操作系统，同时拋弃自家的Symbian操作系统。诺基亚还采取扩展在北美市场的措施。 然而，这些行动中却没有一项能在近期内迅速为诺基亚带来帮助。事实上，该公司极可能在很长一段时间内均面临严峻的市况。如果客户对于Lumia和其它手机的兴趣不大，那么该公司在未来的获利能力可能因此受到考验。 编译：Susan Hong 本文下一页：参考英文原文：Nokia Gets Slapped Down, Again，by Bolaji Ojo, Editor in Chief

相关阅读：
• 最炫中国风：智能手机推广“十大怪”
• 诺基亚再添堵，智能手机市场第三名恐拱手相让于华为
• 亚洲手机市场：诺基亚强撑，苹果遭蚕食7ISesmc

{pagination} Nokia Gets Slapped Down, Again Bolaji Ojo Nokia Corp. (NYSE: NOK) is going deeper and deeper into junk bond territory. Days after it announced another set of relatively disappointing quarterly results, two agencies piled on by dropping their ratings on the company's debt. Today Moody's Investors Service dropped Nokia's bond offerings three levels below investment grade at a time when it could use a much more positive move. The downgrade followed a similar move by Fitch Ratings Ltd. last week. Moody's downgraded the company's long-term senior unsecured debt rating to Ba3 from Ba1, and it confirmed its outlook on Nokia "remains negative." The ratings agency cited concerns about the poor performance of Nokia's devices and services business in the second quarter. The Lumia smartphone, on which Nokia pinned its hopes for a recovery, isn't selling as fast as would be required to pull the company out of a financial hole, Moody's said. Furthermore: The negative outlook on Nokia's Ba3 ratings reflect the low visibility with regard to (i) the trend for Nokia's market share in smartphones and whether the Windows-based devices can attain a solid market share with positive income contribution to Nokia; (ii) demand and margin potential for the group's feature phones in emerging markets; and (iii) Nokia's future net cash flows, which are adversely affected by pricing pressure, marketing incentives and restructuring expenditures, although this is partially mitigated by royalty collections, platform payments from Microsoft and potential disposal proceeds. The potential for an upgrade is "limited," Moody's said. Nokia executives weren't too pleased with the downgrade. They disputed the agency's conclusion that the company's financial position had worsened. "While we are disappointed with Moody's decision, its impact on the company is limited," CFO Timo Ihamuotila said in a press release. "We are quickly taking action to position Nokia for future growth and success. Nokia will continue to focus on lowering the company's cost structure rapidly, improving cash flow and maintaining a strong financial position." Those actions have included massive layoffs and a strategic alliance with Microsoft Corp., under which Nokia adopted the software giant's Windows operating system and ditched its own Symbian OS for its handsets. Nokia has also taken steps to expand in the North American market, where it has been relegated to bit-player status for the last several years. None of these actions will help Nokia in the short term. In fact, the company is highly likely to keep facing tough market conditions for a while. Its future profitability could come into question if customers do not show interest in the Lumia and other phones. For now, it's safe to bet on Nokia not getting its investment grade back this year.