Nokia Oyj, the world’s biggest maker of mobile phones, had its debt rating cut for the first time by Standard & Poor’s, which cited market share losses and “weaker” operating margins at the Finnish company.
The long-term rating was lowered one step to A- with a stable outlook, S&P said in a statement today. S&P has since June 1998 ranked the debt A, the sixth-highest of 10 investment grades. Moody’s Investors Service has an equivalent A2 rating. Nokia had about 5.3 billion euros ($7.5 billion) in long-term debt at the end of last year.