Nokia’s debt rating reduced to junk

Helsinki:Nokia Oyj’s debt rating was cut to junk at Moody’s Investors Service, the last of the three major credit-rating companies to strip the Finnish mobile phone maker of its investment grade because of mounting handset losses.

The senior debt rating was reduced by one step to Ba1, the highest non-investment grade, with a negative outlook, Moody’s said in a statement on Friday. The decision affects about €3.6 billion in debt, Moody’s said.