Rating agency Fitch said it had downgraded its rating for Nokia with a negative outlook, echoing a similar move from peer Moody’s last week. It said that “the deterioration in the company's core Devices and Services division in Q1, together with the company guidance of -3 percent non-IFRS operating margins or below for the division for Q2 and the general lack of visibility beyond this point, means Nokia's profile is no longer commensurate with an investment grade rating.” Nokia responded that it will “continue to increase its focus on lowering the company's cost structure, improving cash flow and maintaining a strong financial position.”