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Fitch rates Vale bonds BBB+
Fitch Ratings said it assigned a BBB+ rating to Vale Overseas Ltd.'s proposed guaranteed notes due in 2020 and the reopening of its 6.875% notes due Nov. 2, 2039. Both notes are unconditionally guaranteed by Vale SA.
The foreign- and local-currency issuer default ratings are BBB+, unsecured debt at BBB+, national scale at AAA(bra) and unsecured Brazilian real denominated debentures at AAA(bra).
The outlook is stable.
Proceeds will be used for general corporate purposes.
Ratings consider the company's solid business profile, according to the agency.
Ratings also reflect Vale's strong balance sheet, conservative capital structure and strong cash flow from operations, the agency said.
Between 2005 and 2009, Vale's average net debt-to-EBITDA ratio was 1.1 times.
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