(Alliance News) - Pirelli & C. Spa announced lueday that Fitch Ratings has revised Pirelli's long-term issuer default rating and senior unsecured debt rating upward from 'BBB-' to 'BBB,' with a Stable outlook.

The upward revision, as outlined by Fitch Ratings, reflects Pirelli's high profitability and the strength of its cash generation, elements that have allowed it to deleverage in line with the parameters required by the new rating.

In the report, the agency estimates that high-value tire sales will remain resilient, positively impacting Pirelli's profitability, which is also supported by more stable commodity prices.

The Fitch Ratings upgrade follows the June 14 announcement of an upgrade from Stable to Positive in the outlook of the investment grade 'BBB-' rating assigned to Pirelli by S&P Global.

Pirelli & C. stock closed Monday down 1.3 percent at EUR5.66 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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