Fitch downgrades Siemens

Fitch cuts Siemens' (SI -0.5%) IDR and senior unsecured rating to A from A+.

The ratings agency cites "a continuing trend of profitability erosion since 2010," margin declines, and "insufficient progress with restructuring measures."

Regarding the CEO situation, Fitch wonders how quickly and effectively "targeted change can be made in an organization of SI's size and complexity."

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