S&P Downgrades Nokia

Financial News Network
August 03, 2011 AT 2:08 AM
Standard and Poor's lowered its credit rating on Finnish mobile phone company Nokia( NYSE:NOK) partly because of lower than expected device sales in the second quarter.The financial ratings agency states it is lowering its long-term rating on Nokia to BBB from BBB+ "and affirming our A-2 short-term rating," with a negative outlook.Last month, Nokia reported a 368 million euro ($523 million) loss in the second quarter as it continues to lose ground to its top rivals.Nokia has a potential upside of 30.5% based on a current price of $5.45 and an average consensus analyst price target of $7.11.