Moody's changes Vale view to positive

Moody's Investors Service said it changed the outlook for Vale SA and related ratings to positive from stable.

At the same time, the agency affirmed Vale's Baa2 senior unsecured rating, its provisional Baa2 senior unsecured rating under its well known seasoned issuer shelf registration and the Baa2 ratings on the foreign currency debt issues of Vale Overseas (guaranteed by Vale) as well as Vale Overseas' provisional Baa2 senior unsecured shelf rating.

Moody's also affirmed the Baa2 senior unsecured ratings of Vale Canada (not guaranteed by Vale).

At the same time, Moody's America Latina affirmed Vale's Baa2 global scale local currency rating and Aaa.br national scale rating as well as the Baa2 global scale local currency rating and Aaa.br national scale rating on Vale's R$750 million senior unsecured notes.

The change in outlook to positive from stable acknowledges Vale's more focused and disciplined approach to project development, capital allocation, resizing of its asset portfolio to strategically important business segments, divestiture of such non strategic assets and focus on cost reduction, the agency said.

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