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Struggling European phone Company Nokia has seen their stock labelled”junk” after international ratings agency Moody’s downgraded the Finnish Compay due to poor prospects for future sales.The Company that is banking on the new Windows phone is facing a grim future after Moody’s cut its rating on Nokia to one notch above junk.

Moody’s downgraded Nokia from “Baa3” to “Baa2”, calling the move a response to Nokia’s announcement last week of a severe fall in first-quarter sales of mobile telephones.

“Moody’s believes that the structural challenges facing Nokia’s mobile phones segment may not be easy to address, such as the market share gains recorded by makers of very low-end phones or new phone promotions by Chinese carriers,” a statement said.

“This precipitous decline is of particular concern considering that Nokia’s mobile phones segment was still the core income generator for the Nokia group in 2011, when it contributed 1.5 billion euros ($1.9 billion) to the group’s operating profit of 1.8 billion euros.

Nokia, was once the world’s biggest mobile phone maker, now Samsung is set to take that position.

Days after launching its new flagship Lumia 900 model in the USA, the company said that the new model contained a software bug which could cause users to lose their Internet connection.

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