Moody's downgraded Nokia's rating two notches, from A3 to Baa2, noting a "serious weakening of its commercial position". The agency also threatens further downgrades for the global handset giant, saying it maintains a negative outlook on the company.
What weighs above all is "the drop in competitiveness of the offer of smartphones with the Symbian platform", explained Wolfgang Draak, one of the vice presidents of Moody's. In the segment that has become crucial, Nokia's position has been affected by numerous manufacturers, including Apple, with the iPhone and Samsung, which uses Android, Google's operating system. The Finnish company recently decided to abandon its Symbian system and switch to Windows Phone, forging a multibillion-dollar alliance with Microsfot. But the transition is proving to be very challenging for the group.
In recent days Nokia reported that it closed the second quarter with a loss, the second time this has happened since 1998, when it became the world leader in mobile phones.
