Financial fallout from last week's Q1 earnings from beleaguered handset maker Nokia, which saw the company report declines in sales, profit and much else across the board: Fitch Ratings has once again downgraded the handset maker. Nokia now stands at a BB+ rating from a previous rating of BBB- for its senior unsecured notes, Fitch writes in a statement. That puts the company's stock at "below investment grade," primary analyst Owen Fenton tells me, BBB- having been the lowest investment grade rating. Fitch further says that it has downgraded the company's long-term issuer default rating, with the outlook on the long-term IDR now at "Negative" and that it may consider downgrading even further.
Wednesday, April 25, 2012
Nokia?s Not Connecting: Fitch Follows Moody?s, Downgrades Nokia to BB+ With A Long-Term Negative Outlook
Financial fallout from last week's Q1 earnings from beleaguered handset maker Nokia, which saw the company report declines in sales, profit and much else across the board: Fitch Ratings has once again downgraded the handset maker. Nokia now stands at a BB+ rating from a previous rating of BBB- for its senior unsecured notes, Fitch writes in a statement. That puts the company's stock at "below investment grade," primary analyst Owen Fenton tells me, BBB- having been the lowest investment grade rating. Fitch further says that it has downgraded the company's long-term issuer default rating, with the outlook on the long-term IDR now at "Negative" and that it may consider downgrading even further.
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