© Reuters. FILE PHOTO: The logo of energy technology company Siemens Energy is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo - Talks between the German government and Siemens Energy to strike a deal over around 15 billion euros in guarantees for the power equipment firm continued over the weekend, according to two people familiar with the matter.
This holds true for all major industrial firms and poses no problem as long as banks provide the necessary volume of guarantees, which in reality are almost never drawn. Banks, however, have become stricter due to higher interest rates, Siemens Energy's deepening wind turbine problems as well as S&P's move in July to downgrade the company's long-term credit rating to BBB-, just one notch above junk, two of the sources said.
However, Siemens is hesitant, according to the people, primarily due to the perceived mismanagement at the former subsidiary and the subsequent share price collapse.
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