Nokia’s Debt Rating Cut to Two Steps Above Junk by Moody’s
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Nokia Oyj, the world’s biggest maker of mobile phones, had its debt rating cut to two steps above junk by Moody’s Investors Service, which cited “a severe weakening” of the Finnish company’s market position.
The senior debt rating was reduced by two steps to Baa2, the second-lowest among 10 investment-grade rankings, with a negative outlook, Moody’s said in a statement today announcing its second downgrade of Nokia in four months. The change affects about 3.5 billion euros ($5.1 billion) in senior debt.