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.
- Moody’s says Spain faces being cut to ‘junk’ within three months: full statement (telegraph.co.uk)
- Moody’s Labels Nokia Junk (allthingsd.com)
- Moody’s slashes beleaguered Nokia to ‘junk’ (macdailynews.com)
- Moody’s downgrades Nokia’s credit rating (panarmenian.net)
- News Summary: Moody’s downgrades Nokia to junk (seattlepi.com)