S&P Lowers Nokia’s Rating to Junk

Standard & Poor’s has lowered Nokia’s rating to junk, the second debt rating company to strip the Finnish mobile-phone maker of an investment grade after losses at its handset business.

The ranking was cut by one step to double-B-plus from triple-B-minus with a negative outlook, as Bloomberg reported.

Fitch Ratings made the same move last week. “The rating action reflects a downward revision of our expectations for revenues from Nokia’s devices and services division in 2012 and a subsequent revision of our profitability and cash flow assumptions,” S&P said.