Moody's Upgrades Nokia's Senior Unsecured Ratings on Expected Profitability Gains

10:36 AM EST, 11/03/2026 (MT Newswires) -- Moody's upgraded Nokia's (NOKIA.HE) senior unsecured long-term ratings to Baa3 from Ba1, with a positive outlook, as it expects profitability to improve from 2027 to 2028, driven by "strong" growth and operating margin expansion in the company's Network Infrastructure business. The rating agency also assigned the Finnish telecommunications equipment group a Baa3 long-term issuer rating and withdrew the company's Ba1 long-term corporate family rating and Ba1-PD probability of default rating, according to a Tuesday release. For the positive outlook, Moody's noted its expectation that stronger earnings and improving cash flow generation would support an improvement in Nokia's operating performance and credit metrics over the next 12 to 18 months.