Fitch revises Michelin to positive

Fitch Ratings said it revised the outlook on Compagnie Generale des Etablissements Michelin SCA's (Michelin) and Compagnie Financiere Michelin's (CFM) long-term issuer default ratings to positive from stable and affirmed the issuer default ratings and senior unsecured ratings at BBB+.

The agency also affirmed both entities' short-term issuer default ratings at F2. CFM is the group's finance arm and the intermediate holding entity for Michelin's non-domestic operations.

Fitch said the actions reflect its view that Michelin increasingly displays credit characteristics in line with the low-end of the A rating category, including solid and defensive business features and a relatively steady financial profile compared with other automotive suppliers.

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