Moody's rates Vale notes Baa2

Moody's Investors Service said it assigned a Baa2 senior unsecured foreign-currency rating to Vale SA's euro note issue. Moody's also said it affirmed the company's Baa2 global local-currency rating, Baa2 senior unsecured rating under its well-known seasoned issuer shelf registration, Aaa.br Brazilian national scale rating and the Baa2 ratings on the foreign-currency debt issues of Vale Overseas, which is guaranteed by Vale. The Baa2 senior unsecured ratings of Vale Inco Ltd. also were affirmed.

The outlook is stable.

The ratings reflect the company's diversified product base, competitive cost position and substantive portfolio of long-lived assets, Moody's said.

The rating also considers the ability of the company to perform well, given its asset base, in a down market environment, the agency said.

The rating also reflects the challenges that will continue to impact the company's operating cost profile, Moody's added.

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