Clermont-Ferrand, April 1, 2025
COMPAGNIE GÉNÉRALE DES ÉTABLISSEMENTS MICHELIN
Standard & Poor’s upgrades Michelin’s Long-Term rating by one
notch to 'A', with a Stable outlook
On March 31, 2025, Standard & Poor’s 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.
The agency “anticipates that Michelin will continue to maintain a very strong balance sheet in 2025
and 2026, supported by strong and resilient profitability and solid free operating cash flow” and that
“Michelin’s credit metrics would likely remain resilient in a scenario of prolonged tariff implementation”
thanks to it “relatively high degree of local production in the U.S. (…), as well as its track record of
passing through higher costs”.
Standard & Poor’s announcement comes after the recent upgrades of Long-Term ratings by Fitch (from
‘A-’ to ‘A’ with a Stable outlook, in February 2025) and by Moody’s (from ‘A3’ to ‘A2’ with a Stable
outlook in July 2024 – unsolicited rating), and the initial rating by Scope Ratings (‘A’ with a Stable
outlook, in July 2024).
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
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