...- Siemens AG's conventional and renewable power generation and its power transmission and industrial applications related businesses, bundled under Siemens Energy AG, will be spun-off and publicly listed at the end of September 2020. - The new Siemens Energy holds market leading position in all its served markets, although most of these markets are exposed to significant changes in the global energy markets, suppressing growth and operating margins. - After the carve-out and a 2.1 billion cash injection by Siemens AG, the group reports a net cash financial position, low-to-zero adjusted debt, and has ample available liquidity. - We are therefore assigning our preliminary '###' long-term issuer rating to the group. - The stable outlook reflects our expectation that Siemens Energy will successfully manage the transition to a publicly listed independent company and maintain strong credit metrics over the next two years, despite the expected COVID-19 related economic slowdown and ongoing group...
