Nokia Debt Cut to Junk by S&P Days After Fitch’s Downgrade
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Nokia Oyj’s rating was lowered to junk by Standard & Poor’s, the second debt rating company to strip the Finnish mobile-phone maker of an investment grade after losses at its handset business.
The ranking was cut by one step to BB+ from BBB- with a negative outlook, meaning Standard & Poor’s may further reduce the rating, it said in a statement today. Fitch Ratings made the same move this week. Moody’s Investors Service still rates Espoo, Finland-based Nokia’s debt the lowest investment grade.