Ha ha ha.... maybe you are reading the wrong books Anyway, Fitch is pretty big and most banks use a combination of valuation models which take inputs from all the three rating agencies to work up the risk of default. I know because I do work in a Bank, though the first time I heard of Fitch was when I was doing my MBA.

Anyways, since this thread is becoming another thread disecting Nokia's problem, I will give another theory. In the 90s, mobile phone was a hardware business. Then came the internet revolution and you saw loads of new companies such as Google becoming big. Over the years Nokia had become pretty good at the hardware bit but since they never particularly needed to be any good at software, that side languished. Then another thing happened... the likes of Google, Facebook etc. started attracting the biggest brains in the business. Compared to working in California or in your own home country, which a geographically spread cosmopolitan company like Google offered, it became increasingly hard for Nokia to get great (and I mean great, not good) developers to relocate to Espoo in a cold country where no one spoke their language. Now Finland maybe great but it certainly can't claim to attract the best and the brightest by any stretch of imagination. Thus Nokia of today is suffering from lack of the kind of top talent that is driving the likes of Google, Apple etc. and thus it may never be able to catchup with them unless it opens many more deveopment centres all over the world such as US, UK, China, India etc. and changes its Finland centric approach