S&P downgrades Nokia?s corporate credit rating to BB-

The rating agency, Standard and Poor?s (S&P) has downgraded Nokia?s long-term corporate credit rating to BB-, from BB+, say news reports.

S&P has cited the likelihood of the Nokia?s deteriorating profitability as the reason for downgrading its credit rating. Additionally, it has lowered the issue rating for Nokia?s unsecured debt also from BB+ to BB-.

The rating agency Moody has also downgraded Nokia?s credit rating three times since April, 2012.