Titan SA (the Company) (Euronext Brussels, Paris and Euronext Athens, TITC) announces that S&P Global Ratings upgraded the company’s long-term credit rating to “BBB-” with a stable outlook, from “BB+”.
The attainment of an investment-grade rating constitutes a significant milestone in the implementation of the “TITAN Forward 2029” strategy and demonstrates that the Group remains firmly on the right path to achieving the strategic and financial targets presented during the “TITAN Forward 2029” Investor Day.
The upgrade reflects Titan’s consistently strong operating performance, its prudent financial policy, its resilient cash flow generation and its ongoing commitment to maintaining a strong balance sheet, supported by its leading market positions, geographic diversification and a strategy of disciplined capital allocation.
As the company states in a relevant announcement, the investment-grade rating constitutes independent confirmation of the strengthened credit profile of the TITAN Group and the momentum that characterizes its strategy. In addition, it strengthens the confidence of customers, suppliers, investors and financial partners and is expected to broaden access to the capital markets, diversify funding sources and enhance the Group’s financial flexibility, with the aim of supporting growth, innovation and the reduction of its carbon footprint.
Giannis Ioannou, Group CFO, stated: “The upgrade of the credit rating to investment grade by S&P is a milestone in the TITAN Group’s journey, reflecting many years of financial discipline, continuous deleveraging and steady cash flow generation. It broadens our access to the capital markets, reduces our cost of financing and provides us with greater flexibility to invest in growth and carbon footprint reduction, while continuing to create long-term value for all stakeholders.”