Business

Moody’s downgrades Nokia to junk status

By Matti Huuhtanen
Published June 15, 2012 2:53pm ET
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Moody’s downgrades Nokia to junk status
An Indian shopkeeper selling Nokia mobile phones awaits customers in New Delhi, India, Thursday, June 14, 2012. Nokia Corp. will lay off 10,000 jobs globally and close plants by the end of 2013, the company said Thursday, in a further drive to save costs and streamline operations.(AP Photo/Tsering Topgyal) | Tsering Topgyal

HELSINKI (AP) — Moody’s ratings agency on Friday downgraded Nokia’s debt grade to junk status, citing greater than anticipated pressure on the struggling cellphone maker’s earnings after it announced plans for major cuts and global layoffs. It kept the outlook negative, meaning it could downgrade it again.

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