Standard & Poor's downgrades Nokia credit rating

AP , Tuesday 2 Aug 2011

Financial ratings agency downgrades its credit rating on mobile phone company Nokia on lower than expected device sales

Nolia
Last month, Nokia reported a €368 million ($523 million) loss in the second quarter

Standard and Poor's has downgraded its credit rating on Finnish mobile phone company Nokia partly because of lower than expected device sales in the second quarter.

The financial ratings agency says it is lowering its long-term rating on Nokia to BBB from BBB+ "and affirming our A-2 short-term rating," with a negative outlook.

Last month, Nokia reported a €368 million (US$523 million) loss in the second quarter as it continues to give up ground to its top rivals.

Nokia Corp. shares were 2 per cent lower in Tuesday afternoon trading on the Helsinki Stock Exchange, at €3.80 ($5.38).

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