UPDATED: Nokia, Microsoft to host developer event Aug. 17

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Nokia (NYSE:NOK) and Microsoft (NASDAQ:MSFT) sent out invitations to an event in Germany for later this month that will serve as informal gathering for developers of both companies.

The invitation "was issued jointly by Nokia and Microsoft for an event in Cologne that is intended for developers and relates to an informal gathering to introduce developers to both companies," a Microsoft spokeswoman told FierceWireless. She said that no Nokia Windows Phone products will be launched at the event.

Earlier rumors indicated that the event might serve as a launch party for Nokia's first device running Windows Phone 7. The companies sent out an invitation to a "Nokia & Microsoft Party" in Cologne, Germany, on Aug. 17. The invitation notes that attendees can expect "exciting actions and surprises," which "will make it an evening to remember."

The event will take place during the Gamescon expo in Cologne, which bills itself as "the world's largest trade fair and event highlight for interactive games and entertainment."

Last week Microsoft issued the release to manufacturing build of the "Mango" update to the operating system, enabling carrier and OEM partners to optimize the code according to their specific network and device configurations.

However, the pressure remains on Nokia to deliver a successful product. Standard & Poor's downgraded its rating on Nokia's long-term debt by one step to BBB, two steps above junk, with a negative outlook. S&P cited "the continued erosion of Nokia's smartphone market shares and a downward revision of our base- case assessment for the operating margins of the devices and services segment until Nokia has completed the adoption of Windows Phone." The S&P downgrade comes on the heels of a similar downgrade last week by Moody's Investors Service.

For more:
- see this Seattle Post-Intelligener article
- see this Unwired View post
- see this Bloomberg article

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Article updated Aug. 2 at 4:20 p.m. Eastern Time with comment from Microsoft.