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Published on 9/10/2004 in the Prospect News Emerging Markets Daily.

Moody's ups Vale Overseas

Moody's Investors Service said it upgraded Vale Overseas Ltd.'s senior unsecured foreign currency debt ratings to Ba1 from Ba2 and its shelf rating for senior unsecured foreign currency issuance to prospective Ba1 from prospective Ba2.

All debt issues and any issuance under the shelf are guaranteed by Companhia Vale do Rio Doce (CVRD).

Ratings upgraded include Vale Overseas Ltd.'s $300 million 9% guaranteed notes due 2013 to Ba1 from Ba2, $500 million 8.25% guaranteed global notes due 2034 to Ba1 from Ba2, and senior unsecured guaranteed shelf to prospective Ba1 from prospective Ba2.

In a related rating action, Moody's upgraded CVRD's shelf rating for senior unsecured foreign currency issuance to prospective Ba1 from prospective Ba2. The rating actions were prompted by Moody's upgrade of Brazil's long-term foreign currency ceiling to B1 from B2. CVRD's Baa2 global local currency rating and Aaa.br national scale rating were not affected by these rating actions.

CVRD's Baa2 global local currency rating considers the company's low cost production profile, competitive position in the iron ore market, where it is the world's largest producer, and its important positions in logistics, aluminum and alumina, and other minerals and metals. CVRD's operating efficiencies and quality asset base enable the company to continue to show good earnings advancement and strong cash generation ability.


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