Nokia Junk Debt Rating Cut Further by Fitch on Phone Losses

Nokia Oyj’s debt, already at junk status at the three biggest rating companies, was lowered further by two steps at Fitch Ratings after the Finnish mobile-phone maker’s second-quarter loss widened.

The long-term rating was cut to BB- from BB+ with a negative outlook, Fitch said in a statement today. Nokia yesterday reported an operating loss at its handset division equivalent to 9.1 percent of revenue adjusted for some items and forecast similar losses for the current period.