Siemens’s Debt Is Downgraded by Fitch as Margin Falls Faster
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Siemens AG’s credit rating was downgraded by Fitch Ratings, which cited an accelerating decline in the company’s margins in the most recent quarter and “insufficient progress” on restructuring measures.
The long-term debt of Europe’s largest engineering company was cut to A from A+ with a stable outlook, Fitch said today in a statement. That’s the sixth-highest investment grade. Munich-based Siemens’s appointment of Joe Kaeser as Chief Executive Officer is a “positive development,” it said.