Michelin credit rating upgraded

Standard & Poor’s has upgraded Michelin’s long-term credit rating to BBB+ from BBB, while affirming its A-2 short-term rating and stable outlook. According to a Standard & Poor’s press release, the decision to upgrade reflects the significant improvement in Michelin’s operating performance over the past two years and the strengthening of its balance sheet.

The agency also affirmed its confidence in Michelin’s ability to maintain its creditworthiness, in particular thanks to its geographic footprint, specialty product lines and leadership in the premium segments.

Michelin says the upgrade further confirms its sustained performance improvement dynamic and the validity of the company’s strategic vision.