Nokia Oyj, the world’s largest mobile device manufacturing company had their debt rating cut to two steps above junk by Moody’s Investors Service. Moody’s cites the cut due to “a severe weakening” in Nokia’s market position. The senior debt rating was reduced by two steps to Baa2.

Google Inc. (NASDAQ:GOOG) has entered the bond market through a $3 billion sale in order to pay back short-term borrowings at yields that are comparable to companies with high credit grades. Thornburg Investment Management Inc. money manager Lon Erickson said that the bond sale was “a home run for Google.” He added “The big pile of cash on the balance sheet and continued cash generation makes people plenty comfortable to own that debt.”