...- On Oct. 26, 2023, Siemens Energy AG announced that it expects its order intake, revenues, earnings, and cash flow generation for the fiscal year ending on Sept. 30, 2024, will be below market expectations, due to operating challenges at its subsidiary Siemens Gamesa Renewable Energy (SGRE). At the same time, Siemens Energy's former gas and power businesses are expected to continue to perform very strongly and are on track to achieve their short-term and mid-term targets. - Based on the recent news, we believe that Siemens Energy will fall short of our previous base case and that a quick recovery in the S&P Global Ratings-adjusted EBITDA margin to above 7% in 2024 and above 8% in 2025 is unlikely. We understand that the group is currently considering various measures to significantly strengthen its balance sheet and to protect the current rating. - We therefore placed our '###-' long-term issuer credit ratings on Siemens Energy, its subsidiaries, and its unsecured debt, as well as our...
