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S&P lowers Nokia to BBB-
Standard & Poor's said it lowered its long-term corporate credit rating on Nokia Corp. to BBB- from BBB and its short-term corporate credit rating to A-3 from A-2. The outlook is negative.
The agency said the rating action reflects limited earnings visibility in Nokia's smartphone sub-division and a subsequent downward revision of its base-case assessment of the company's profitability and discretionary cash flow in 2012.
Under the terms of S&P's criteria, the agency said it revised Nokia's business risk to "fair" from "satisfactory" and the company's financial risk profile to "intermediate" from "modest".
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