Moody's gives Vale notes Baa2

Moody's Investors Service said it assigned a provisional Baa2 senior unsecured foreign currency rating to Vale SA and Vale Overseas Ltd.'s well known seasoned issuer shelf registration while it assigned a Baa2 senior unsecured foreign currency rating to the notes due 2039 issued by Vale Overseas.

Proceeds will be used for general corporate purposes, the agency said.

At the same time, Moody's said it affirmed Vale SA's Baa2 global local currency rating, the Baa2 ratings on the foreign currency debt issues of Vale Overseas.

Moody's noted that it also affirmed the Baa2 senior unsecured ratings of Vale Inco and Vale's Aaa.br Brazilian national-scale rating.

The outlook is stable.

According to the agency, Vale's Baa2 global local currency rating reflects the company's diversified product base and geographic footprint as well as its leading position in the seaborne iron ore market where it ranks as the #1 producer.

© 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.