Fitch: No change for Siemens

Fitch Ratings said Siemens AG's profit warning for 2009 will not have a near-term impact on the company's A+/F1 ratings or stable outlook.

It is clear that the material deterioration in some end-markets is going to have an effect on the company's earnings in the second half of the year, Fitch said. It is also evident that the challenging financing environment facing some of Siemens' customers is going to have a significant effect on 2009 profitability, the agency added.

While the revision to the profit outlook is not insignificant, Fitch said that the issues surrounding the Siemens earnings guidance change are representative of the general conditions in the capital goods sector as well as the outlook for the performance of its global industry peers.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.