Fitch affirms Siemens

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

The outlook is stable.

The ratings reflect Siemens' leading market position in many of the industrial divisions and the high degree of diversification in both its product portfolio and geography, Fitch said.

The ratings also reflect the company's stable earnings and financial power, strong liquidity, financial flexibility and healthy capitalization, the agency said, as well as reliable control of its project-related business.

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