DBRS rates Vale Overseas notes BBB

DBRS said it assigned a BBB (low) rating to Vale Overseas Ltd.’s $1.5 billion of 6 1/8% senior notes due June 12, 2033. Parent company Vale SA, rated BBB (low), will guarantee the notes.

The rating is based upon the rating of an outstanding series of notes, DBRS said.

The proceeds are expected to be used to fund the recently announced cash tender offer of certain notes previously issued by Vale and Vale Overseas and for general corporate purposes.

The trend is stable.

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