Vallourec announces that S&P Global has once again upgraded its long-term credit rating from 'BB-' to 'BB', a rating that still carries a 'positive' outlook, indicating the possibility of a further upgrade by the end of 2024.

The rating agency could proceed with this upgrade if the seamless tube manufacturer finalizes its transformation envisaged under the New Vallourec plan and reduces its net debt to less than 500 million euros.

Our objective is to continue to reduce our debt and achieve zero net debt by the end of 2025 at the latest", says Philippe Guillemot, Chairman and CEO of Vallourec.

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