Michelin: Fitch improves long-term credit rating

On February 21, 2025, Fitch Ratings upgraded Compagnie Générale des Établissements Michelin’s long-term credit rating to ‘A’ from ‘A-’ with a stable outlook. The move reflects strong free cash flow generation, even in challenging markets. Fitch highlights Michelin’s robust business profile, largely driven by replacement demand and geographic diversification that reduces the risks of price wars. This upgrade echoes previous assessments by Scope Ratings and Moody’s, signaling increased confidence in Michelin’s financial stability.