Fitch ups Siemens

Fitch Ratings said it upgraded the Siemens AG's senior unsecured rating to AA- from A+ and the short-term rating to F1+ from F1.

The outlook is stable.

Fitch said the upgrade reflects a development of Fitch's view on the impact of Siemens Financial Services' financial profile on the overall group credit profile. In Fitch's view, the credit profile of the industrial operations represents the main driver for the group rating. Financial ratios calculated for the industrial operations in isolation reveal a materially better financial profile than for the group as a whole.

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