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July 16, 1997updated 05 Sep 2016 1:09pm

SIEMENS GETS THE THUMBS-DOWN FROM MOODY’S

By CBR Staff Writer

Moody’s downgraded Siemens AG’s debt rating last week, saying that productivity improvements have had too little effect. The German industrial and IT conglomerate expects productivity to improve by 10% for the year, and it believes that Moody’s action won’t have a negative impact on its financial standing. Productivity has improved by around 4% per annum over the past few years, and Siemens says it will speed up this year, feeding through to a positive bottom line. In particular, it cites efficiency gains, profitable acquisitions, the disposal of loss- making businesses and very fast growth in its Asian operations.

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