Moody’s Downgrades Nokia

Published on July 27, 2011
by Gustav Sandstrom and Arild Moen

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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