由于營收持續(xù)虧損，諾基亞公司(Nokia Corp.)幾乎已經被打入信用評等差的“垃圾債券”(junk bond)企業(yè)了。諾基亞公司近期不但股價持續(xù)下跌，就在該公司發(fā)布第2季營收虧損慘重過后幾天，國際信評機構也紛紛調降其債信評等。 穆迪投資者服務公司(Moody's Investors Service)將諾基亞公司的債券發(fā)行下調到比投資級更低三級的評等。在此之前，惠譽國際信用評等公司(Fitch Ratings Ltd.)己在上周先行調降諾基亞的債信評等。 穆迪公司將諾基亞的長期信評從Ba1級下周至Ba3級，并確信該公司的前景“仍將持續(xù)負成長?！痹撔旁u機構強調，諾基亞在第二季的手機與服務業(yè)務均表現(xiàn)不佳，再加上被諾基亞視為可望帶來希望的Lumia智能手機銷售狀況也還無法彌補該公司在財務上的重大缺口。 對于諾基亞Ba3評等的負面看法反映在幾個方面的前景不明：首先是智能手機市占率能見度低，以及采用Windows操作系統(tǒng)的裝置是否能取得可為諾基亞帶來營收貢獻的穩(wěn)定市占率也不得而知。其次，該公司的功能手機在新興市場的需求與利潤潛力有多大？還有，諾基亞在未來的現(xiàn)金流可能遭受到價格壓力、市場動機與重組支出的諸多不利影響。 因此，諾基亞未來提升信評等級的可能性也不大，穆迪公司表示。 對于國際信評機構的作法，諾基亞公司主管團隊質疑該機構對于公司財務惡化狀況所作的結論。諾基亞公司首席財務官Timo Ihamuotila在新聞稿中說：“雖然我們對于穆迪的決定感到失望，但它對于公司的影響是有限的，因為我們正迅速采取行動，將諾基亞定位于可在未來實現(xiàn)成長與成功的位置。諾基亞將繼續(xù)專注于迅速降低公司的成本結構，改善現(xiàn)金流并維持穩(wěn)健的財務狀況?！? 諾基亞所采取的這些行動包括大規(guī)模裁員以及與微軟公司策略聯(lián)盟──諾基亞將為其手機押注于微軟Windows操作系統(tǒng)，同時拋棄自家的Symbian操作系統(tǒng)。諾基亞還采取擴展在北美市場的措施。 然而，這些行動中卻沒有一項能在近期內迅速為諾基亞帶來幫助。事實上，該公司極可能在很長一段時間內均面臨嚴峻的市況。如果客戶對于Lumia和其它手機的興趣不大，那么該公司在未來的獲利能力可能因此受到考驗。 編譯：Susan Hong 本文下一頁：參考英文原文：Nokia Gets Slapped Down, Again，by Bolaji Ojo, Editor in Chief

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{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.