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Compagnie Générale des Etablissements Michelin
Capital/Financing Update • Feb 24, 2025
1526_iss_2025-02-24_67d7cf52-ea7f-4174-a724-1516b4e2eb51.pdf
Capital/Financing Update
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Clermont-Ferrand, February 24, 2025
COMPAGNIE GÉNÉRALE DES ÉTABLISSEMENTS MICHELIN
Fitch upgrades Michelin's Long-Term rating by one notch to 'A', with a Stable outlook
On February 21, 2025, Fitch Ratings has upgraded Michelin's (Compagnie Générale des Etablissements Michelin and its main financial subsidiaries) Long-Term Issuer Default Rating (IDR) rating from 'A-' to 'A', with a Stable outlook.
According to the agency, this "reflects Michelin's strong free cash flow generation despite challenging end-markets" and "Michelin's business profile is one of the strongest amongst peers, with revenues primarily stemming from replacement demand and a diversified footprint that mitigates threats from tariff wars and industry cycles".
Fitch's upgrade follows the announcements in July 2024 of a long-term rating of 'A' with a Stable outlook by Scope Ratings -initial rating, solicited-, and of Moody's upgrade -unsolicited rating- of Michelin's long-term rating to A2 with a Stable Outlook, from A3 with a Stable outlook.
Contact details
Investor Relations
Guillaume Jullienne [email protected]
Flavien Huet [email protected]
Benjamin Marcus [email protected]
Media Relations
+33 (0) 1 45 66 22 22 [email protected]
Individual Shareholders
+33 (0) 4 73 32 23 05
Muriel Combris-Battut [email protected]
Elisabete Antunes [email protected]