Fitch cuts Siemens to negative

Fitch Ratings said it has changed Siemens' outlook to negative from stable following the announcement that the company will acquire from Bayer its Diagnostic Division for €4.2 billion in cash.

The ratings are affirmed at issuer default AA-, senior unsecured AA- and short-term F1+.

Fitch said the negative outlook reflects Fitch's concerns that Siemens' present portfolio realignment strategy will put substantial pressure on the company's leverage.

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