Nomura Rating Cut to One Level Above Junk by Moody's on Threat to Earnings

Nomura Holdings Inc. 's debt rating was cut to the lowest investment grade by Moody's Investors Service, which said global competition raises questions over the profitability of Japan 's biggest securities firm.

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Do we need to care about what moody, sp says ?? Isn't they are the one that give all the financial inst solid rating just before they go bust in 2008 ??