Moody’s cuts Nokia credit rating to junk as woes continue – NYPOST.com

Moody’s cuts Nokia credit rating to junk as woes continue – NYPOST.com.

Nader Nazemi

ESPOO, Finland — Ailing handset maker Nokia on Friday saw its credit downgraded to junk by Moody’s Investors Service, which said Nokia is facing more pressure on its earnings and higher cash burn than it previously thought.

The downgrade of Nokia’s credit to Ba1 from Baa3 — Moody’s second downgrade of the company within three months — means Nokia’s credit now carries junk status by all three major credit ratings agencies. Nokia’s credit was downgraded to junk by Fitch Ratings and Standard & Poor’s in April.

All the rating agencies have a negative outlook for Nokia’s credit.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s