Michelin: Initiation rating from Scope Ratings and upgrade from Moody’s Ratings

18 Jul 2024 14:30 CEST

Clermont-Ferrand, July 18, 2024

COMPAGNIE GÉNÉRALE DES ÉTABLISSEMENTS MICHELIN

Initiation rating from Scope Ratings and upgrade from Moody’s Ratings

On July 12, 2024, the European rating agency Scope Ratings published a solicited rating report on Michelin (Compagnie Générale des Etablissements Michelin and its main financial subsidiaries): long-term rating of A with a Stable outlook and short-term rating of S-1. “The issuer rating reflects Michelin’s strong business risk profile as a leading global tyre manufacturer and an even stronger financial risk profile, supported by low leverage” Scope mentioned in its press release. The agency’s rating report is available at  www.scoperatings.com

On July 11, 2024, Moody’s upgraded Michelin long-term rating to A2 with a Stable Outlook, from A3 with a Stable outlook, “reflecting the group’s track record of robust operating performance, stable leading position in the global (premium) tire market and growing presence in profitable non-tire-related areas”. Moody’s rating is unsolicited.

Attachment

• 20240718_PR_Michelin Credit Rating