Fitch gives Vale bond BBB

Fitch Ratings said it has assigned a BBB rating to Vale SA's proposed bond due 2039.

This bond will be issued through its subsidiary Vale Overseas Ltd. and will be unconditionally guaranteed by Vale, the agency said, adding that net proceeds from the proposed issuance will be used for general corporate purposes.

Fitch said that the current ratings of Vale are as follows: local currency issuer default rating BBB; foreign currency issuer default rating of BBB; and national-scale rating of AAA (bra).

The outlook is stable.

According to the agency, Vale's ratings continue to reflect the company's leading market positions in iron ore and nickel, as well as its growing presence in aluminum.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.