Moody’s rates Vale Overseas notes Ba3

Moody's Investors Service said it assigned a Ba3 senior unsecured foreign currency rating to the proposed senior unsecured notes due 2026 to be issued by Vale Overseas Ltd. and fully and unconditionally guaranteed by Vale SA.

Proceeds will be used for liability management.

The outlook is negative.

Moody’s said the Ba3 rating is supported by Vale Overseas’ diversified product base and competitive cost position, substantive portfolio of long lived assets and its major position in the seaborne iron ore markets.

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