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Mobile equipment manufacturer Ericsson is closing a factory in Nynashamn, Sweden with the loss of 463 jobs. The factory makes base stations for mobile phone networks.

Not everyone will lose out - 70 jobs are transferring to other centres once the factory closes.

Ericsson has almost halved its workforce from a peak of over 100,000 in 2001.

In other news credit rating agency Fitch Ratings said it was improving Ericsson's corporate credit rating to BBB - which makes it "investment grade". Other agencies Moody's and Standard and Poor's rate the manufacturer at just below investment grade. The change should make it easier, and cheaper, for Ericsson to borrow money.®

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