S&P: Siemens unchanged

Standard & Poor's said its ratings and outlook on Siemens AG (AA-/stable/A-1+) would not be affected following its announcement of a merger of its carrier-operated operations with the networks business group of Nokia Corp. (A/stable/A-1).

"We consider the transaction to have a sound rationale in an environment characterized by carrier consolidation and fierce competition," said S&P credit analyst Maria Bissinger.

"The new group should extract synergies, estimated by the company at €1.5 billion annually by 2010 and bolster its product portfolio and geographic presence. It should also better deal with the convergence of the mobile and fixed technologies."

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