Fitch affirms Vale

Fitch Ratings said it affirmed Vale SA's long-term foreign currency issuer default rating at BBB+ and local currency issuer default rating at BBB+.

In addition, the agency affirmed the company's national scale rating at AAA(bra).

The outlook remains stable.

Fitch said the issuer default rating reflects the company's underlying credit quality and considers the company's exposure to risks within Brazil such as changing regulations and taxes, a volatile currency and potentially high inflation.

However, the rating does not consider transfer and convertibility risk, which is captured in the foreign currency issuer default rating, the agency explained.

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