A corporate logo is displayed at the Nokia flagship store in Helsinki.

The ratings agency Moody's downgraded the long-term credit rating of Finnish telecommunications group Nokia to the speculative level of “Ba1” and said its outlook remained negative.

“Today's rating action reflects our view that Nokia's far-reaching restructuring plan ... delineates a scale of earnings pressure and cash consumption that is larger than we had previously assumed,” a statement said. - Sapa-AFP