Moody’s: Vale sale is credit positive

Moody's Investors Service said that Vale SA’s (Ba3 negative) agreement to sell an additional 25% of the gold extracted from its Salobo mine to Silver Wheaton (Caymans) Ltd. (unrated) for an upfront payment of $800 million is credit positive because the company will direct proceeds toward debt reduction, which indicates the company's commitment to divest assets in an effort to reduce leverage.

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