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 Financière Michelin SCmA
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 Financière Michelin SCmA
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