Fitch assigns Vale currency issuer rating BBB+

Fitch Ratings said it affirmed Vale SA's foreign-currency and local-currency issuer default ratings at BBB+, unsecured debt at BBB+, national scale rating at AAA (bra) and unsecured Brazilian-real denominated debentures at AAA(bra).

Fitch also said it assigned a BBB+ foreign-currency issuer default rating to Vale Overseas Ltd. and Vale Canada Ltd. and affirmed the BBB+ foreign-currency ratings of the senior unsecured debt issued by these companies.

Vale Overseas' debt is guaranteed by Vale. Vale Canada's debt is not guaranteed by Vale.

The outlook is stable.

The ratings take into consideration the company's solid business profile, Fitch said.

The ratings also reflect Vale's strong balance sheet, conservative capital structure and strong cash flow from operations, the agency said.

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