Fitch cuts Nokia

Fitch Ratings said it downgraded Nokia Corp.'s long-term issuer default rating and senior unsecured rating to BBB+ from A-. The short-term issuer default rating is affirmed at F2.

The outlook is negative.

The downgrade reflects the increasing pressure faced by the company, including competition in its core handsets position, Fitch said.

The industry in operates includes inherent volatility and technological risk, the agency said.

The negative outlook considers the risk that the company's market share may continue to retreat and that margins may come under further pressure as it tries to defend market position, Fitch added.

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