...Siemens AG's ratings reflect its stable credit profile, w hich is commensurate w ith an `A' rating despite recent sizeable acquisitions/mergers and continued stress in its energy -related business segments. We expect Siemens ' credit profile to remain in line w ith its ratings in the medium term, w ith funds from operations (FFO) net leverage hovering below 1.5x, backed by strong free cash flow (FCF) generation and broadly stable profitability in the medium term. Siemens' moderately strong financial profile for the rating is characterised by a stable FFO margin, relatively w eak FCF generation and leverage at its industrial operations in line w ith an `A'-rated diversified manufacturing company....
