Moody's rates Vale notes Baa2

Moody's Investors Service said it assigned a Baa2 global scale local-currency rating and an Aaa.br national scale rating to the planned R$750 million senior unsecured notes to be issued by Vale SA.

The debentures will have varying maturity dates. The company intends to use the proceeds for infrastructure projects, Moody's said.

All other ratings remain unchanged.

The outlook is stable.

The ratings reflect the standing of the company's credit quality relative to its domestic peers, Moody's said.

The ratings also consider the company's diversified product base and strong coverage ratios, the agency said.

Weaker prices and fundamentals in its business segments, competitive cost position and substantive portfolio of long-lived assets also affects the ratings, Moody's said.

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