Moody's upgrades Nokia

Moody's Investors Service said it upgraded Nokia Oyj's corporate family rating to Ba1 from Ba2, its company's probability of default rating to Ba1-PD from Ba2-PD, its senior unsecured long-term ratings to Ba1 from Ba2, and the senior unsecured medium-term note program rating to (P)Ba1 from (P)Ba2. The outlook has been changed to stable from positive.

"The upgrade to Ba1 reflects the good execution of Nokia's strategic plan, with improved profitability in both network infrastructure and mobile networks," said Ernesto Bisagno, a Moody's vice president-senior credit officer and lead analyst for Nokia, in a statement.

"The upgrade also reflects our expectation that Nokia will continue to report additional profit growth in the next 12 to 18 months, driven by higher revenue and better margin on the back of a stronger product mix and scale," Bisagno added.

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