S&P downgrades Nokia further into junk status

HELSINKI (AP) - Rating agency Standard and Poor's on Wednesday downgraded Nokia Corp's long-term corporate credit rating further into junk status amid concerns over the cellphone company's deteriorating profitability.

While cutting its rating on Nokia by two notches to BB-, S&P warned there could be further downgrades as it slapped a negative outlook on the company.

For S&P, anything below BBB- is considered junk status, or not investment grade.

That means S&P thinks Nokia is a speculative investment and will likely make it more expensive for the company to raise money in capital markets.