Well-known credit benchmark Moody's on Wednesday downgraded Nokia's senior debt rating by two steps in a sign of a lack of confidence. The Finnish phone maker is now rated at Baa2, just two steps above what many consider a 'junk' investment. Moody's Senior VP Wolfgang Draack blamed it directly on a "loss of competitiveness" in smartphones and told the WSJ he didn't expect Nokia to bounce back until late 2012, after Nokia's Windows Phone line had been in the market.
