Nokia, after 'precipitous decline,' cut to junk by Moody's |
| Los Angeles Times - Jun 15, 2012 |
Nokia Corp., the Finnish phone maker already in a world of hurt, had its credit rating downgraded to junk status by Moody’s Investors Service on Friday.
The company's rating fell a notch to Ba1, from Baa3, and is now held at junk status by all three major credit ratings agencies, including Fitch and Standard & Poor's.
On Thursday, the company said it would slash 10,000 jobs by the end of 2013, shut down several research and manufacturing facilities and restructure the business. Last year, Nokia said it would reduce its ranks by 14,000 positions.
The company is the largest manufacturer of mobile communication devices in the world, claiming a third of the global market, according to Moody's.
But the ratings agency had a negative outlook for Nokia, writing in its report that the company's "structural challenges ... may not be easy to address."
Read Full Article from Los Angeles Times
- Posted: 2012-06-15 12:21:00
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