S&P cuts Nokia rating further on Siemens venture buyout

Downgrades the one-time tech darling by one notch to B+ from BB-

Standard & Poor's downgraded Nokia further into junk territory on Friday, warning that the Finnish telecom firm's plan to take over Siemens AG's stake in their joint network equipment venture would strain its finances. S&P downgraded the one-time tech darling by one notch to B+ from BB- citing pressure on its net cash after Nokia said on Monday it would buy Siemens's 50 per cent share in Nokia Siemens Networks.