S&P revises Michelin view to negative

S&P said it revised the outlook for Michelin to negative, citing weaker demand for tires due to the pandemic.

“We anticipate a revenue decline of about 15% in 2020 that pushes S&P Global Ratings-adjusted funds from operations (FFO) to debt to 25%-30%, compared to about 44% in 2019,” the agency said in a press release.

The agency affirmed the A- ratings on the company and its unsecured debt.

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