Fitch boosts Vale

Fitch Ratings said it upgraded the following issuer default ratings and outstanding debt ratings of Vale SA: foreign currency issuer default rating to BBB+ from BBB; local currency issuer default rating to BBB+ from BBB; and unsecured debt to BBB+ from BBB.

The agency said it also increased Vale Inco's unsecured debt to BBB+ from BBB.

In addition to the upgrades, Fitch noted that it has affirmed the following ratings: national-scale at AAA(bra); and unsecured Brazilian real denominated debentures at AAA(bra).

The outlook is stable.

According to Fitch, the rating upgrades are due to Vale's improving competitive position within the mining industry due to its increasing presence in iron ore within China, its rapid expansion into fertilizers during 2010, as well as the restructuring of its aluminum portfolio.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.