DBRS confirms Vale

DBRS said it confirmed the ratings of Vale SA and its subsidiaries at BBB (low) with stable trends.

The agency said Vale’s business outlook and key credit metrics strengthened significantly in 2017 compared with 2016.

An important driver of this improvement was robust export iron ore markets in 2017, as the price of the benchmark 62% Fe iron ore fines increased by 22.6% compared with 2016, DBRS explained.

Also, Vale reduced its total gross debt by 23.3%, or $6.8 billion, during the year, including the redemption of $1 billion of its 2019 5 7/8% notes, tendering for $501 million of principal value of its 2020 4 5/8% notes and retiring bank debt, the agency said.

© 2015 Prospect News.
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