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Nokia sinks deeper into junk status with new S&P downgrade

The bad news just keeps coming for Nokia.

Standard & Poor's Ratings Services today announced that it has downgraded Nokia's long-term corporate credit rating from BB+ to BB-. Although both ratings are considered "junk status," BB- is a lower rating, indicating that the company "faces major ongoing uncertainties to adverse business, financial, and economic conditions." S&P has affirmed an even worse B rating on Nokia's short-term credit.

"The rating actions reflect a downward revision of our estimates of revenues and profitability for Nokia's smartphone operations in 2012 and 2013,&… Read more

S&P downgrades Google stock on Motorola deal plans

Google stock and the federal government now have something in common: they've both been downgraded by Standard & Poor's.

Of course, being downgraded by the ratings agency that famously whiffed on highly questionable real estate bonds might be considered a badge of honor in some circles. But the move by S&P does point to considerable market fears about Google's gutsy decision to buy Motorola Mobility for $12.5 billion. Shares of Google were down more than 3 percent today to $539.

S&P equity researchers downgraded Google stock today to a "sell" … Read more