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Siemens: Moody's confirms 'A1' credit ratings

( - Ratings agency Moody's Investors Service maintains its "A1" credit ratings on Siemens, following the German conglomerate's announcement of plans to separate and list its gas and power business.

"Although credit positive and credit negative effects basically offset each other in the short-term, Moody's believes that the transaction is credit positive in the long-run due to the improving risk profile of the company," Moody's said.

The ratings agency has therefore confirmed Siemens' "A1" long-term and short-term ratings, while maintaining a "stable" outlook.

Earlier this month, Siemens said that it will spin-off a majority stake in its power generation and transmission business as well as its oil and gas unit into a new, separate entity, which is set to be listed next year.

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