Fitch affirms Siemens

Fitch Ratings said it affirmed Siemens AG's long-term issuer default rating and senior unsecured credit ratings at A+, along with its short-term issuer default rating at F1 and two hybrid bonds at A-.

The outlook is stable.

The ratings reflect Siemens' leading market positions in many of its industry segments, a high level of product, sector and geographic diversification, improving underlying profitability, strong liquidity and financial flexibility, Fitch said, and healthy capitalization.

The slowdown in the global economy over the past 18 months has undoubtedly had an effect on Siemens' business, the agency said.

Although this is mitigated by the company's strong liquidity, financial flexibility and operational diversity, Fitch added.

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