The world’s largest producers of mobile phones, Nokia OVI, had the ratings of its outstanding liabilities cut by the investors’ services from Moody's. This has encouraged the weak position in the market of the Finland based company and lowering margins for profit.

Moody's Investors Service warned California that its credit rating, which is already at the bottom among U.S. states, may be hacked several levels.

California is struggling hard to patch up a $24.3 billion budget gap.