Michelin: Initiation Rating from Scope Ratings and Upgrade from Moody’s Ratings

On July 12, 2024, Scope Ratings initiated coverage on Michelin with a long-term rating of A and a Stable outlook, and a short-term rating of S-1. This reflects Michelin's strong business and financial risk profiles. Scope highlighted Michelin’s low leverage in its evaluation.

On July 11, 2024, Moody’s upgraded Michelin’s long-term rating to A2 from A3, maintaining a Stable outlook. According to Moody's, this upgrade is due to Michelin’s robust operating performance, stable position in the global premium tire market, and its growing presence in profitable non-tire-related areas.