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S&P rates Samarco
Standard & Poor's said it assigned its BBB global scale and brAAA national scale corporate credit ratings to Samarco Mineracao SA.
At the same time, the agency said it assigned a BBB rating to Samarco's proposed senior unsecured notes due 2022.
S&P said it believes that due to Samarco's proximity to Vale SA's iron ore southern system and strategic importance, Samarco would count on strong financial support in a distress scenario from Vale, which currently holds 50% ownership. BHP Billiton plc owns the other half of Samarco.
"As our base case, we assume that Samarco will be able to maintain adequate profitability amid the industry downturn because of its strong cost position, technical know-how and savvy commercial strategy, benefiting from its niche position in the growing seaborne iron pellet market," said S&P credit analyst Rafaela Vitoria in a news release.
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