Ratings cut piles fresh agony on Nokia
Fitch ratings agency piled fresh agony on Nokia on Tuesday, cutting its debt rating to junk status for the first time and warning the struggling handset maker's cash position was under severe strain.
Nokia's rating - already downgraded in recent weeks by Standard & Poor's and Moody's - was cut to BB+ from BBB- by Fitch which said this could be lowered further unless the company's business improved over the second half of 2012 and in 2013.