Just when you thought it couldn't get worse for Nokia, Moody's steps in with a downgrade of its debt rating.
Moody's lowered its rating to junk status, citing earnings pressure and cash burn that is larger than the firm previously expected. The move comes after Nokia said yesterday that it would cut 10,000 jobs and warned its second-quarter financial result would again disappoint investors.
The downgrade is just the latest blow for Nokia, which is quickly seeing its prospects dim. A lower rating means it will cost more to issue debt, and the company will have … Read more