Fitch Lowers Nokia Credit Rating
Fitch Ratings downgraded Nokia Corp.’s credit ratings by two notches, to one step away from junk territory, saying that the cellphone maker’s market share quickly deteriorated and will take time to recover.
The ratings firm based its decision on Nokia’s continued market-share losses and its surprise profit warning last week, when the Finland-based company shocked the market by confessing that its core mobile-handset business might not make a profit in the second quarter.
