DOWNGRADE: Fitch ratings agency downgraded Nokia Corp.‘s debt to junk status.
THE REASONS: The company’s poor first-quarter earnings and its uphill struggle to remain competitive. The ratings agency said the downgrade to BB+ from BBB- reflected the deterioration in the company’s core devices and services division and the “general lack of visibility” in Nokia‘s near-term future.
MORE BAD NEWS: Fitch gave Nokia a negative outlook, meaning more downgrades are possible.
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