Nokia is planning to hold a joint press event with Microsoft on September 5. Nokia and Redmond are expected to show off the first Windows Phone 8 handsets at the event, but it is far from smooth sailing for the troubled smartphone maker.

Nokia CEO Stephen Elop confirmed that Windows Phone 8 devices will be show off at the event, which is scheduled a week ahead of Apple’s iPhone launch. However, it is still unclear when the new phones will actually ship, although Elop said the will “come soon,” Reuters reports.

In related news, Standard & Poor’s downgraded Nokia a further notch, sending it even deeper in junk territory. The company now has a BB- credit rating, with a negative outlook. To put things into perspective, Mongolia currently has a better rating.

Nokia shares are trading at record lows and the company needs to pull off a Hail Mary play to get back in shape.

More here.