Standard & Poor's raises long-term credit rating of Michelin tires

Credit rating agency Standard & Poor's recently announced that it has upgraded Michelin's long-term credit rating from BBB to BBB+.

Standard & Poor's said that its reason for raising the credit rating of Michelin was mainly because Michelin's operating performance in the past two years has been significantly improved and the balance sheet has been greatly improved.

Standard & Poor's also stated that given Michelin's leading position in the high-end tire business, its distinctive product line and its broad global scope, Michelin tires have the ability to maintain their current creditworthiness.

The S&P’s increase in credit ratings this time indicates that Michelin has a lasting dynamic in improving performance and has a very correct strategic vision.