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May 16, 2001 02:00 AM

Group Michelin gets Standard & Poors credit rating

Tire Business Staff
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    CLERMONT-FERRAND, France (May 16, 2001)–The credit-rating agency Standard & Poors has assigned Group Michelin a long-term corporate credit rating of BBB+ with “stable outlook” and a short-term rating of A-2, the France-based tire maker announced May 15.

    Michelin said its new credit rating compares favorably with those of other corporations engaged in tire-manufacturing and related operations.

    The company said it recently decided to have its credit worthiness rated by a recognized agency such as Standard & Poors in order to allow investors to better evaluate its ability to repay debt in timely fashion.

    “The rating has not been granted in view of the launching of a financial operation, but (to) demonstrate further Michelin's intention to be better known by the various actors (in) its financial environment, the company said in a prepared statement,

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