TEXT-S&P Michelin ratings unaffected by subordinated bond

Newswire

(The following statement was released by the ratings agency) LONDON, Nov 26 - Standard & Poor's Ratings Services said today that the issuance of new 30-year deeply subordinated notes by Compagnie Generale des Etablissements Michelin S.C.A. (BBB+/Negative/A-2) will have a negligible effect on the company's creditworthiness and credit metrics. Standard & Poor's considers the notes to be essentially a debt instrument due to, among other things, the possibility for the issuer to ...

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