Moody's could lift CVRD

Moody's Investors Service said it placed the Baa3 local-currency issuer rating and the Baa3 foreign-currency ratings of Companhia Vale do Rio Doce and Vale Overseas Ltd. under review for upgrade, as well as the Baa3 senior unsecured rating of Vale Inco.

The review will focus on the sustainable level of earnings and cash flow generation in a more normalized metals cycle and the company's level of debt within its capital structure, the agency said.

An important part of the analysis will be the company's capital expenditure plans for growth projects given Vale's announced $59 billion in capital investments over the next five years, Moody's said.

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