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Michelin: Scope Ratings and Moody's both affirm Michelin's strong credit ratings

1. Scope Ratings affirms Michelin's Long-Term IDR of 'A' with Stable outlook. 2. Moody's also confirms Michelin's Long-Term rating of 'A2' with Stable outlook. 3. Michelin's strong credit metrics reflect improving business risk profile. 4. Company benefits from high margins, brand recognition, and innovation. 5. Ratings are significant for financial stability and investment attractiveness.

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Why Neutral?

Michelin's strong credit ratings suggest stable financial health, which indirectly influences AFRM's market perception, but doesn’t have direct implications for AFRM alone.

How important is it?

While Michelin's credit ratings indicate financial health in the industry, their effect on AFRM is limited, meriting a moderate importance score.

Why No Impact?

The ratings are relevant to Michelin's performance rather than AFRM’s direct operations or market strategy.

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Clermont-Ferrand, July 15, 2025 COMPAGNIE GÉNÉRALE DES ÉTABLISSEMENTS MICHELIN Scope Ratings and Moody’s both affirm Michelin’s strong credit ratings On July 11, 2025, Scope affirmed Michelin’s (Compagnie Générale des Etablissements Michelin and its main financial subsidiaries) solicited Long-Term Issuer Default Rating (IDR) of 'A', with a Stable outlook. According to the agency, this “reflects a solid business risk profile coupled with very strong and further improving credit metrics”. On July 9, 2025, Moody’s (unsolicited rating) also published its Long-Term rating affirmation of ‘A2’ with a Stable outlook. The agency underlined that “Michelin’s attractive margins further reflect its unique position, (…) helped by its strong brand recognition and innovation capabilities”. Contact details 20250715_PR_Michelin Credit Rating Scope & Moodys

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