Bonds & Rating

Bonds Bonds are the traditional way to obtain long-term financing via the capital market. Siemens reserves the right to continue to make regular appearances on the world's capital markets and diversify its investor base. The following table summarizes the Siemens bonds currently outstanding.

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Rating Credit ratings are opinions of future creditworthiness, derived by fundamental credit analysis and expressed through a symbol system. Fundamental credit analysis incorporates an evaluation of market position, competition, management assessment and financial statement assessment. Credit analysis consists of opinion forecasts about the probability that an obligor will make promised payments (principal and interest). It seeks to predict the credit performance of bonds, other financial instruments, or firms across a range of plausible economic scenarios some of which will include credit stress.

Rating Agency	Long Term	Short Term	Outlook	last update of rating	latest reports
Moody's Investors Service	A1	P-1	stable	Jul 2021	Credit opinion (as of Jan. 23,2023)
Standard & Poor's	A+	A-1+	stable	Apr 2021	Credit opinion (as of Mar. 11, 2022) Bulletin (as of Nov. 23, 2022)

Rating History Siemens is rated by Moody's Investors Service and Standard & Poor's since 1995. The rating is updated on a regular basis. The following schedule illustrates the development of Siemens' rating since initiating coverage.

Moody's Rating History

Rating Action	Long Term	Outlook	Short Term
since July 2021	A1	stable	P-1
August 2020	A1	negative	P-1
February 2015	A1	stable	P-1
May 2013	Aa3	negative	P -1
June 2012	Aa3	stable	P -1
September 2011	A1	positive	P -1
November 2007	A1	stable	P -1
June 2006	Aa3	negative	P -1
January 2004	Aa3	stable	P -1
December 2002	Aa3	negative	P -1
January 1999	Aa3	stable	P -1
January 1998	Aa1	negative	P -1
July 1997	Aa1	stable	P -1
December 1995	Aaa	stable	P -1

S&P Rating History

Rating Action	Long Term	Outlook	Short Termn
since April 2021	A+	stable	A - 1+
August 2020	A+	negative	A - 1+
November 2012	A+	stable	A - 1+
February 2012	A+	positive	A - 1+
June 2009	A+	stable	A - 1
June 2007	AA -	negative	A - 1+
April 2007	AA-	negative watch	A - 1+
December 2006	AA -	negative	A - 1+
June 2006	AA -	negative watch	A - 1+
February 2002	AA -	stable	A - 1+
July 1998	AA	negative	A - 1+
March 1998	AA +	stable	A - 1+