ADVFN - Advanced Financial Network.
HOME» NYSE » M » MCO Stock Price » MCO Stock News

Moodys Share News

 Moodys Corp. Stock Price
MCO Stock Price
 Moodys Corp. Stock Chart
MCO Stock Chart
 Moodys Corp. Stock News
MCO Stock News
 Moodys Corp. Company Information
MCO Company Information
 Moodys Corp. Stock Trades
MCO Stock Trades

Moody's Cuts Nokia to Junk As Woes Continue

Ailing handset maker Nokia Corp. (NOK) Friday saw its credit downgraded to junk by Moody's Investors Service, which said Nokia is facing more pressure on its earnings and higher cash burn than it had previously thought. The downgrade of Nokia's credit to Ba1 from Baa3 -- Moody's second downgrade of the company within three months -- means Nokia's credit now carries junk status by all the three major credit rating agencies. Nokia's credit was downgraded to junk by Fitch Ratings and Standard & Poor's in April. All the rating agencies have a negative outlook for Nokia's credit. Although Moody's said the massive restructuring effort that Nokia announced on Thursday is both positive and necessary for the struggling company's ambition to return to profitability, it cautioned that if Nokia's revenue doesn't stabilize soon it may need to carry out additional restructuring. Nokia Thursday announced sweeping plans to reshape its handset business, cutting 10,000 jobs, shuttering factories and research facilities as well as replacing several high-ranking executives. The company also warned its loss in the second quarter would be higher than it previously forecast -- its third cut in earnings outlook in a little over a year. The shares plunged 18% as a result. Moody's added that Nokia may have to contribute more funding to its network equipment joint venture with Siemens AG (SI), Nokia Siemens Networks, if NSN's restructuring costs start to exceed its cash flow. In a separate statement on Friday, Fitch Ratings said Nokia's profit warning suggests that the company over the last two months has moved further away from being able to deliver stable revenues and positive operating margins. The ratings agency added that Nokia now is facing a "precarious combination of a depleted cash balance, without an end in sight to the declining cash flows." "If we are not convinced that the company can succeed in delivering [positive operational cash flow], we will take a negative rating action," Fitch said. On a more positive note, Moody's said Nokia's new range of smartphones, running Microsoft Corp.'s (MSFT) Windows operating system, should get a boost by the launch of the next Windows 8 operating system, which is expected this fall. Additionally, Nokia's new line of basic mass market feature phones with full touch-screen functionality should support demand in emerging markets and raise average selling prices for Nokia's phones, Moody's said. At 1226 GMT, shares in Nokia traded 3.5% higher at EUR1.892. Write to Sven Grundberg at sven.grundberg@dowjones.com

Stock News for Moodys (MCO)
DateTimeHeadline
08/04/201420:01:01Moody's Says France Will Likely Miss Deficit Target
07/25/201417:59:11Moody's Raises Portugal's Credit Rating -- Update
07/25/201417:31:32Moody's Raises Portugal Credit Rating
07/25/201409:43:08U.S. Hot Stocks: Hot Stocks to Watch
06/26/201416:53:08Peru's Economic Proposals Trigger Environmental Concerns
06/26/201405:19:08Moody's Warns on Australia House Prices
06/23/201406:53:15Moody's: Hungary Court Ruling on FX Loans Credit Could Hurt Banks
06/08/201422:50:40Malaysian Bonds Won't Require Rating From 2017
05/30/201410:25:23Moody's Warns on EU New Banking Rules
04/20/201406:17:33MARKET SNAPSHOT: Long View On Stocks Is Best During Weak Earnings...
02/21/201409:40:08Moody's Offers to Increase Stake in India's ICRA
02/14/201417:53:37Berkshire Reports New Position of 2.95 Million Shares of Liberty...
02/03/201406:42:20Moody's: Turkey's Monetary Tightening Credit Negative for Banks
01/08/201409:10:16ADP Says Private-Sector Jobs Grew in December
01/08/201409:02:17ADP: Private Businesses Add 238K Jobs in December, Above Expectations
11/15/201309:03:11Chilton Investment Co. 3Q 13F: Largest Purchases
11/15/201309:03:09Chilton Investment Co. 3Q 13F: Holdings As Of Sep -2-
11/15/201309:03:09Chilton Investment Co. 3Q 13F: Holdings As Of Sep 30
11/15/201308:50:01Viking Global Investors LP 3Q 13F: Largest Eliminations
11/15/201308:49:57Viking Global Investors LP 3Q 13F: Holdings As Of Sep 30

Moodys and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad