S & P further downgrades Nokia after NSN purchase

S & P further downgrades Nokia's debt rating after purchase of network operations from Siemens

Associated Press

HELSINKI (AP) -- Ratings agency Standard and Poor's has downgraded Nokia Corp.'s credit rating, citing the deal this week to buy out Siemens from its Nokia Siemens Networks joint venture for 1.7 billion euros ($2.21 billion).

S&P on Friday lowered the Finland-based company's long-term corporate credit rating to B+ from BB- and affirmed its B short-term corporate credit rating, with a stable outlook.

The agency also lowered the issue rating on Nokia's senior unsecured debt to B+ from BB-.

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