Moody’s Corporation (MCO) downgraded Nokia Corporation’s (NYSE:NOK) debt rating today amid the company’s struggle to compete in a changing mobile device market. The company’s debt was downgraded to just one level above junk giving the company’s bonds a rating of Baa3.
It’s not the first downgrade the telecommunications company has suffered in recent weeks. Societe General moved its advice on the company’s stock from Buy to Hold on its advice to investors last week while Barclays put the company’s stock on the same level a day later and set a price target for the company of $4.
After the news from Moody’s Corporation (MCO) today the company’s stock fell slightly below that level to $3.96 at time of writing, a fall of 1.49% on Friday’s close.
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