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S&P lowers Nokia
Standard & Poor's said it lowered its long-term corporate credit rating on Nokia Corp. to BB+ from BBB- and its short-term corporate credit rating on the company to B from A-3. The outlook is negative.
At the same time, the agency said it lowered its issue ratings on Nokia's unsecured debt to BB+ from BBB- and assigned recovery ratings of 3 to this debt, reflecting an expectation of meaningful recovery prospects in an event of payment default.
S&P said the rating action reflects a downward revision of its expectations for revenues from Nokia's devices and services division in 2012 and a subsequent revision of its profitability and cash flow assumptions.
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