Fitch gives Monticello Insurance IFSR BBB+

Fitch Ratings said it assigned an insurer financial strength rating of BBB+ to Monticello Insurance Ltd. with a stable outlook.

Fitch said the insurer financial strength rating was driven by expected support from Monticello’s ultimate parent Vale SA (long-term foreign and local currency issuer default ratings BBB+/stable).

Monticello is wholly owned by Vale International SA, which in turn is 100% owned by Vale.

The agency Fitch considers Monticello a core captive of Vale and therefore equalizes Monticello’s insurer financial strength rating with Vale's long-term issuer default rating.

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