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Moody's: Vale unaffected
Moody's Investors Service said that Vale SA's announcement that it had received an unfavorable ruling at an "administrative level" in Brazil of $5.6 billion in alleged unpaid taxes on its foreign subsidiaries' earnings is a credit negative.
However, Moody's said, the ruling will not have an impact on Vale's Baa2 senior unsecured rating or its stable outlook at this time.
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