Nokia rating cut to one level above ‘junk’

Nokia’s debt has been downgraded to one notch above “junk” status by Moody’s, the credit rating agency, following an unexpected profit warning last week by the Finnish handset maker.

Moody’s said it was cutting Nokia’s senior debt ratings from Baa2 to Baa3 with a negative outlook because of the “severe decline” in mobile phone sales and revenue in the first quarter.

The agency said in a statement: “While volatility by quarters is not uncommon, Moody’s believes that the structural challenges facing Nokia’s mobile phones segment may not be easy to address.”

Read Full Article from Financial Times

- Posted: 2012-04-16 11:02:15

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