Moody's downgrades Nokia rating

(MENAFN) Nokia's rating was brought down one level by Moody's Investors Service to B1 after it bought its partner in the Nokia Siemens Networks for USD2.3 billion, Times of Oman reported. Moody's said that the company is facing challenges due to weaker demand on its devices. The tech giant had a 27 percent drop in sales in the April-June period. The company also reported that revenue for its Lumia smartphone dropped 24 percent. Moody's analyst for Nokia, Roberto Pozzi, said: "We believe that the company continues to face challenges returning to sustainable profitability in its core smartphone and mobile-phone operations."