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News Summary: Moody's downgrades Nokia to junk

Associated Press Published: June 15, 2012

DOWNGRADE: Moody's ratings agency on Friday downgraded Nokia's debt grade to junk status, citing greater than anticipated pressure on the struggling cellphone maker's earnings. It kept the outlook negative, meaning it could cut Nokia's rating again.

FOLLOWS NOKIA MOVES: Nokia said Thursday that it plans to close production and research plants, with 10,000 job cuts by the end of 2013. Nokia also posted a pessimistic outlook.

COMPETITION: Nokia has been fighting fierce competition in smartphones, including from Apple Inc.'s iPhone and other models that use Google Inc.'s Android software.