Moody's on Monday downgraded Nokia's debt rating a level from Baa2 to Baa3. The credit rating giant based its decision on Nokia's lowered outlook and saw it as a reflection of longer-term, more systemic issues. The company was being pinched both at the low end, by a wave of very cheap phones and Chinese discounts, and at the high end by a "more challenging" transition where Symbian was falling faster than Windows Phone could replace it.
