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Moody’s sinks Nokia’s value



  

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Wednesday, 27 July 2011
US ratings agency Moody's cut its credit rating on bonds of Finnish phone maker Nokia by two notches on Wednesday and said the outlook on the rating was still negative. Moody’s is the third ratings agency to cut Nokia’s credit rating, after Fitch and S&P downgraded Nokia last month.
The move leaves Nokia two notches above a junk rating. A spokesman for Nokia said the rating cut would have no material impact on the company's current financing costs.

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Last week Nokia reported a loss in second quarter figures, along with a decline in market share in the lucrative smartphone sector. Apple now sells more smartphones than Nokia.
The Finnish phonemaker is pinning its hopes on new phones using the Windows Phone operating system, after ditching its in-house Symbian and Meego platforms. The company hopes to have its first Windows-based phones on the market later this year, but in the meantime the company is trying to sell devices running operating systems it will soon ditch.
News source Yle


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