Michelin: Fitch upgrades Michelin’s Long-Term rating by one notch to 'A', with a Stable outlook

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                                         Media Relations

                                                                                                                                                               +33 (0) 1 45 66 22 22

       investor-relations@michelin.com                           groupe-michelin.service.de.presse@michelin.com

       Guillaume Jullienne                                              Individual Shareholders

 guillaume.jullienne@michelin.com        +33 (0) 4 73 32 23 05

       Flavien Huet                                                         Muriel Combris-Battut

flavien.huet@michelin.com   muriel.floc-hlay@michelin.com            

       Benjamin Marcus                                                  Elisabete Antunes

       benjamin.marcus@michelin.com                           elisabete.antunes@michelin.com