We have assigned our 'A-2' short-term issuer credit rating to Germany-based energy technology group Siemens Energy AG, as well as to Siemens Energy Global GmbH&Co. KG. The short-term issuer credit rating reflects our 'BBB' long-term issuer credit rating on Siemens Energy, with a stable outlook. The stable outlook on Siemens Energy reflects our expectation that the group will succeed in significantly improving profitability over the next 12-24 months. It further reflects our view that Siemens Energy has sufficient financial resources and liquidity to execute the ongoing transition. We expect the group will maintain low-to-zero leverage and generate positive free operating cash flow (FOCF) over the next two years, posting adjusted debt to EBITDA below 1.5x and funds from
