Ratings

Following its request, the Michelin Group was assigned the following ratings by Standard & Poor's and Moody's.

Short-term

  COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN COMPAGNIE FINANCIERE DU GROUPE MICHELIN, "Senard et Cie"
Standard & Poor's 1 A2 A2
Moody's 2 P2 P2

1 Standard & Poor’s, a division of The McGraw-Hill Companies, Inc., provides independent financial information, analytical services, and credit ratings to the world’s financial markets.

2 Moody's provides independent financial information, analytical services, and credit ratings to the world's financial markets.

Long-term

  COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN COMPAGNIE FINANCIERE DU GROUPE MICHELIN, "Senard et Cie"
Standard & Poor's 1 A- -Stable outlook since January 29, 2016 A- - Stable outlook since January 29, 2016
Moody's 2 A3 - Stable outlook since March 20, 2015 A3 - Stable outlook since March 20, 2015

1 Standard & Poor’s, a division of The McGraw-Hill Companies, Inc., provides independent financial information, analytical services, and credit ratings to the world’s financial markets.

2 Moody's provides independent financial information, analytical services, and credit ratings to the world's financial markets.

Last rating actions

On January 29, 2016, Standard & Poor's upgraded Michelin's long-term credit rating to A- from BBB+, while affirming its A-2 short-term rating and stable outlook.

On March 20, 2015, Moody’s upgraded Michelin's long-term credit rating to A3 from Baa1, with a stable outlook, while affirming its P-2 short-term rating.

Standard & Poor’s, a division of The McGraw-Hill Companies, Inc., provides independent financial information, analytical services, and credit ratings to the world’s financial markets.
For more information on Standard & Poor’s, visit http://www.standardandpoors.com/en_US/web/guest/home
Moody's provides independent financial information, analytical services, and credit ratings to the world's financial markets.
For more information on Moody's, visitwww.moodys.com

Debt by nature

at December 31, 2016
Gross debt by nature