“Moody’s is the third ratings agency to relegate Nokia to non-investment grade status, which means many institutional investors such as pension funds will not buy its bonds,” Pema and Kinnunen report. “S&P and Fitch made similar moves in April.”
Pema and Kinnunen report, “‘Today’s rating action reflects our view that Nokia’s far-reaching restructuring plan… delineates a scale of earnings pressure and cash consumption that is larger than we had previously assumed,’ Moody’s analyst Wolfgang Draack said in a note.”
Read more in the full article here.
MacDailyNews Take: Which one goes belly up first, Nokia or RIM?
[Thanks to MacDailyNews Reader "Carl H." for the heads up.]