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Fitch upgrades Pirelli’s credit rating to ‘BBB’

Author: Stephen Goodchild Comments: 0
(Image: Tyre Industry Publications Ltd)

Fitch Ratings has upgraded Pirelli & C. Spa’s Long-Term Issuer Default Rating (IDR) and senior unsecured debt rating from ‘BBB-’ to ‘BBB’, with a Stable outlook. The credit rating agency attributes this upgrade to Pirelli’s strong profitability and robust free cash flow (FCF), which have enabled significant deleveraging below Fitch’s previous positive rating sensitivity.

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