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 2042 issued by Vale SA under its well-known seasoned issuer shelf.

All other ratings remain unchanged.

The outlook is stable.

Moody's 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.

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, Moody's said.

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