Bonds & Rating

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On July 2, 2020, S&P Global assigned a preliminary long-term investment grade rating of BBB with a stable outlook to Siemens Energy AG. On August 6, 2020, S&P Global assigned a preliminary long-term investment grade rating of BBB with a stable outlook to SE Global GmbH & Co. KG. After Spin-Off Completion, the preliminary long-term ratings became the long-term issuer credit ratings of Siemens Energy AG and SE Global GmbH & Co. KG. On September 20, 2021, S&P Global assigned the A-2 short-term issuer credit rating to Siemens Energy AG, as well as to Siemens Energy Global GmbH & Co. KG, which reflects the BBB long-term issuer credit rating. On March 1, 2022, S&P Global revised the outlook on Siemens Energy AG and SE Global GmbH & Co. KG to negative from stable and affirmed the BBB/A-2 long- and short-term ratings. On March 7, 2023, S&P Global affirmed the short-term and long-term BBB/A-2 rating and negative outlook for Siemens Energy AG and SE Global GmbH & Co. KG. On July 10, 2023, S&P Global lowered the long-term and short-term issuer ratings of Siemens Energy AG and SE Global GmbH & Co KG to BBB-/A-3 with a stable outlook. On November 30, 2023, S&P Global lowered the long-term and short-term issuer ratings of Siemens Energy AG and SE Global GmbH & Co KG to BBB-/A-3 with a negative outlook.

Rated Entity	Long-Term Rating	Outlook	Date of Assessment
Siemens Energy AG	BBB-	Negative	Nov. 30, 2023
Siemens Energy Global GmbH & Co. KG	BBB-	Negative	Nov. 30, 2023

Rated Entity	Short-Term Rating	Outlook	Date of Assessment
Siemens Energy AG	A-3	Negative	Nov. 30, 2023
Siemens Energy Global GmbH & Co. KG	A-3	Negative	Nov. 30, 2023