S&P: Siemens off watch

Standard & Poor's said it removed its AA- long-term and A-1+ short-term corporate credit ratings on Siemens AG from CreditWatch, reflecting reduced uncertainty about the company's strategic direction following the appointment of Peter Löscher as chief executive officer.

The agency said that the ratings were placed CreditWatch with negative implications on April 26, following the resignation of former CEO Klaus Kleinfeld.

S&P added that it also affirmed the ratings.

The outlook is negative.

The ratings on Siemens reflect the company's leading global market positions in numerous segments of the fragmented electrical engineering and electronics industry, as well as the group's conservative financial profile, the agency noted.

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