Fitch affirms Siemens

Fitch Ratings said it affirmed Siemens AG's long-term issuer default rating and senior unsecured rating at A+, subordinated rating at A- and short-term issuer default rating at F1.

The outlook is stable.

The action reflects expectation that Siemens' key credit metrics will remain within the agency's guidance for the current ratings, following the debt-financed repurchase of shares by December, according to the agency.

The agency said it forecasts an increase in group funds from operations adjusted net leverage to 2.1x in fiscal 2012 from 1.5x in fiscal 2011.

Siemens' ratings are supported by a high degree of product and geographical diversification as the world's second-largest capital goods producer, the agency noted.

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