Moody’s Downgrades Nokia

Moody’s Investor Service Inc. Wednesday downgraded Nokia Corp.’s debt rating two notches, heaping more pressure on the troubled mobile-phone maker as it struggles to realign its business strategy and regain traction in the lucrative smartphone business.

Moody’s downgraded Nokia’s senior debt rating to Baa2, the second lowest investment-grade rating, from A3, with a negative outlook. It also cut Nokia’s senior unsecured medium-term note program to (P)Baa2 from (P)A3 and its senior unsecured regular bond/debenture to Baa2 from A3.

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