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4-Traders Homepage  >  Equities  >  Euronext Paris  >  Michelin    ML   FR0000121261

MICHELIN (ML)
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MICHELIN : Moody's Upgrades Michelin to Baa1

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04/24/2012 | 04:35pm CET

PRESS RELEASE
Clermont-Ferrand - April 24, 2012

COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN

Moody's Upgrades Michelin to Baa1

Moody's has upgraded Michelin's long-term credit rating to Baa1 from Baa2, with a stable outlook, while affirming its P-2 short-term rating.

According to the Moody's press release: "The upgrade reflects Michelin's continuous improvement in its financial metrics over the last several quarters - including a capital increase in 2010 - to levels that solidly position the company in the Baa1 rating category as well as Moody's confidence that Michelin will be able to sustain these metrics over the next years despite economic weakness in major European countries and rising raw materials".

The agency also emphasized the strength of the MICHELIN brand, the Group's solid competitive position, its ranking as one of the three leading global tire manufacturers and its consistently higher profit margins than many other auto suppliers and auto manufacturers.

Following on from the Standard & Poor's upgrade in March, the Moody's rerating further confirms Michelin's sustained performance improvement dynamic and the validity of its strategic vision.

Investor Relations

Valérie Magloire
+33 (0) 1 78 76 45 37
+33 (0) 6 76 21 88 12 (cell)
[email protected]

Alban de Saint Martin
+33 (0) 4 73 32 18 02
+33 (0) 6 07 15 39 71 (cell)
[email protected]:
mailto:[email protected]
Media relations

Corinne Meutey
         +33 (0) 1 78 76 45 27
         +33 (0) 6 08 00 13 85 (cell)
[email protected]:
mailto:[email protected]

Individual Shareholders
Jacques Engasser
         +33 (0) 4 73 98 59 08
[email protected]

CP Moody's PDF:
http://hugin.info/100285/R/1605524/508496.pdf



This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Michelin via Thomson Reuters ONE

HUG#1605524
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Chart MICHELIN
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Technical analysis trends MICHELIN
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 129 €
Spread / Average Target 5,0%
EPS Revisions
Managers
NameTitle
Jean-Dominique Senard Chief Executive Officer & Managing General Partner
Michel Rollier Chairman-Supervisory Board
Marc Henry Chief Financial Officer
Terry K. Gettys Executive Vice President-Research & Development
Barbara M. Dalibard Member-Supervisory Board
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