Unsustainable, say analysts.
A poll of 30 banks and brokerages by Reuters revealed the cost of Nokia's debt rising, and that the firm is tearing through reserves at a rate that will wipe out its 4.9 billion euros reserves in a couple years.
Nokia has two bond issues outstanding: 1.25 billion euros of 5.5 per cent bonds maturing in 2014 and 500 million of 6.75 percent notes due in 2019.
They're are both junk-rated by Fitch and Standard & Poor's.
The article reflects a mixed attitude to Nokia's fortunes, with some analysts maintaining its reserves are large enough to see it through, while others are spooked by its burn rate.
"In our opinion, the company's ability to repay even its shorter-term 2014 bond could be an issue," said Societe General credit analyst Juliano Torii.
Obviously, Nokia's woes are caused by the rise of iOS, Android and RIM. Its bet on WinPho has yet to deliver.
Analysts quoted expect Nokia to sell 46 million of the phones next year, compared with 20 million expected this year.
Seems a bit high, given 1m was the figure touted after a month of sales.