Fitch affirms Siemens

Fitch Ratings said it affirmed Siemens AG's long-term issuer default rating and senior ratings at A+, short-term issuer default rating at F1 and two hybrid bonds' ratings at A-. The outlook for the long-term issuer default rating is stable.

The agency said the affirmations reflect Siemens' high degree of product and geographical diversification, stable earnings through the cycle, strong balance sheet and healthy liquidity.

The ratings continue to reflect Siemens' conservative financial profile, the agency said. Fitch expects group FFO-adjusted net leverage to be around 1.5 times by the end of the fiscal year on Sept. 30 thanks to the group's sizeable cash balance, which has historically amounted to one-third to half of its total adjusted financial debt.

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