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
Individual Shareholders +33 (0) 4 73 32 23 05