Moody's downgrades Nokia credit rating to junk status

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Nokia credit rating down at junk status

Updated at 17:37 PST Friday, June 15, 2012

Moody's downgrades Nokia credit rating to junk status

PARIS: The ratings agency Moody's downgraded the long-term credit rating of Finnish telecommunications group Nokia to the speculative level of "Ba1" and said its outlook remained negative.

"Today's rating action reflects our view that Nokia's far-reaching restructuring plan ... delineates a scale of earnings pressure and cash consumption that is larger than we had previously assumed," a statement said. (AFP)

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