[July 28, 2011] Moody's cuts to Baa2 rating on Nokia Tweet Jul 28, 2011 (M2 EQUITYBITES via COMTEX) -- 28 July 2011 - Moody's downgraded on Wednesday its senior debt ratings on Finnish mobile phone maker Nokia Oyj (HEL: NOK1V) to Baa2 from A3 and confirmed the short-term debt ratings at P-2. The outlook for all the ratings is "negative". This action is the outcome of a review for downgrade initiated by Moody's on 1 June. "The rating downgrade reflects a severe weakening of Nokia's business position from one of clear leadership previously," Wolfgang Draack, a Moody's senior vice president and lead analyst for the Finnish company, said. Nokia's Symbian-based smartphone portfolio has lost competitive edge. The migration to the Windows Phone software platform of Microsoft Corporation (NASDAQ: MSFT) is not expected to be fully completed before the second half of 2012. Other negative factors are increasing price pressure and gaps in Nokia's mobile phone portfolio that are now being filled, according to Draack. Due to the transition in the product offering it is currently very difficult to predict Nokia's future operating metrics such as number of units sold or average selling prices. Comments on this story may be sent to [email protected] [ Back To TMCnet.com's Homepage ]