S&P downgraded Nokia’s long-term corporate credit rating by one notch from BBB- from BBB. It said a further cut could be made within the next two years if Nokia’s margins remain too weak and cash holdings decrease too much.
S&P previously cut Nokia’s long-term credit rating last August.
In a statement issued on Friday, the credit rating agency said it believed Nokia’s co-operation with Microsoft could help the company’s competitive position.