Moody's rates Vale notes Baa2

Moody's Investors Service said it assigned a Baa2 senior unsecured foreign currency rating to the notes due in 2023 issued by Vale SA under its well-known seasoned issuer shelf.

At the same time, the agency said it affirmed Vale's Baa2 global local currency rating, its (P)Baa2 senior unsecured rating under its well known seasoned issuer shelf registration and its Aaa.br Brazilian national scale rating.

Moody's said it also affirmed the (P)Baa2 senior unsecured rating for Vale Overseas Ltd. under its shelf registration and the Baa2 ratings on the foreign currency debt issues of Vale Overseas, as well as the Baa2 senior unsecured ratings of Vale Canada. The outlook is stable

The agency said Vale's Baa2 global local currency rating reflects the company's diversified product base, strong coverage ratios, competitive cost position and substantive portfolio of long-lived assets. Moody's said the rating also considers the ability of the company to perform well, given its asset base, in a down market environment and maintain ratios generally in line with its rating.

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