- 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."
Fitch downgrades Siemens
Aug 2 2013, 10:16 ET