S&P Downgrades Cellphone Maker Nokia

Rating agency Standard and Poor's citing the likelihood of the company's deteriorating profitability.

HELSINKI (AP) — 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.

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

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