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Moody's assigns Vale Overseas notes Baa2
Moody's Investors Service said it assigned a Baa2 senior unsecured foreign currency rating to Vale Overseas Ltd.'s $1 billion of notes due 2019.
The notes, issued under Vale Overseas' well known seasoned issuer shelf registration, are guaranteed by Vale SA, the agency said, adding that proceeds will be used for general corporate purposes.
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 (guaranteed by Vale) and the provisional Baa2 senior unsecured rating on the Vale SA and Vale Overseas Ltd. shelf registration.
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.
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 top producer, the agency noted.
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