Nokia Cut Further Into Junk by Moody’s on Cash-Flow Concern
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Nokia Oyj’s debt was cut further into junk by Moody’s Investors Service, the latest downgrade for the company after it bought out its partner in the Nokia Siemens Networks venture for 1.7 billion euros ($2.3 billion).
The corporate family rating was lowered one level to B1, or four levels below investment grade, with a negative outlook, Moody’s said in a statement yesterday. Standard & Poor’s reduced the Espoo, Finland-based company’s rating last month.