S&P: Siemens on watch

Standard & Poor's said it placed its AA- long-term and A-1+ short-term corporate credit ratings on Siemens AG on CreditWatch with negative implications, following the resignation of CEO Klaus Kleinfeld.

Kleinfeld's resignation follows the resignation of Heinrich von Pierer as chairman of the company's supervisory board on April 19 and, although not related, adds to the issues created by ongoing embezzlement investigations, the agency said.

S&P added that it creates uncertainty about Siemens' strategic and business execution, as well as the company's future strategic direction and financial policy.

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