S&P downgrades cellphone maker Nokia

Rating agency Standard and Poor's has downgraded Finnish cellphone maker Nokia's long-term corporate credit rating to BB-, from BB+, citing the likelihood of the company's deteriorating profitability.

Rating agency Standard and Poor's has downgraded Finnish cellphone maker Nokia's long-term corporate credit rating to BB-, from BB+, citing the likelihood of the company's deteriorating profitability.

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S&P also lowered the issue rating for the group's unsecured debt - also to a BB- from a previous BB+ rating.