Moody's cut Nokia's credit rating by one notch to Baa3 on Monday, sending its stock to the lowest level in 15 years. The phone-maker has struggled to compete with Apple's iPhone and Samsung's Galaxy phones in Europe and has failed to make gains with low-end phones in emerging markets. "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," Moody's said in a statement.

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