S&P upgrades Vale

Standard & Poor's said it raised the global-scale rating on Vale SA and its subsidiary, Vale Canada Ltd., to A- from BBB+.

The brAAA national scale corporate credit ratings were affirmed, along with the ratings on all debts issued by Vale and its subsidiaries, Vale Canada and Vale Overseas Ltd.

The outlook remains stable.

The upgrade reflects an expectation that the company will maintain both its prudent growth strategy and its disciplined earnings distribution, S&P said.

While the agency said it still anticipates that Vale will maintain an aggressive investment budget over the next five years, the company is adopting a more prudent expansion plan.

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