S&P rates Vale notes A-

Standard & Poor's said it assigned its A- debt rating to the proposed euro-denominated senior unsecured notes due in 2023 to be issued by Vale SA.

According to S&P, the notes will rank equal to Vale's other unsecured and unsubordinated debt.

The agency said the rating on the proposed notes reflects its view of Vale's credit quality, including S&P's opinion that the company's business risk profile is strong.

The stable outlook incorporates an expectation that it will maintain very conservative credit metrics despite increased exposure to spot prices and its challenging investment plan for the next five years, the agency said.

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