The Fitch ratings agency noted Tuesday by one notch the rating of long-term debt of the French tire manufacturer Michelin, from BBB + to A-, saluting a stronger financial profile than its competitors.
the rating of short-term debt has been maintained at “F2″.
“Michelin makes the majority of its sales in the replacement tire market, which is more stable and cost that the market for original tires, “the agency said in a statement, which emphasized the” solidity “of the french group and its benefits” regular “compared to its competitors.
Fitch upgrades also that the manufacturer is positioned on the premium tire segment, “the margins and the traditionally larger growth than the overall market.”
the agency underlines the increasing geographic diversity of Michelin, reduced the company’s debt since 2009, and operating margins records despite profits that remain “below those of many competitors.”
Michelin published in February 2015 a profit increase 12.8% to 1.16 billion euros for a turnover of 21.2 billion euros (+ 8.4%).
The Standard and Poor’s (SP) had already raised the long-term rating of BBB tire manufacturer + to A- in January.
rg / fka / aro
isinFR0000121261COMPAGNIE GENERAL BUSINESS Michelin SCA
3/15/2016 8:42:51 p.m. – Paris, March 15, 2016 (AFP) – AFP © 2016
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