Moody’s upgrades Vale

Moody’s Investors Service said it upgraded to Baa3 from Ba1 Vale SA’s senior unsecured ratings and the ratings on the debt issues of Vale Overseas Ltd. guaranteed by Vale.

Moody’s also upgraded to Ba1 from Ba2 the rating for the senior unsecured ratings of Vale Canada Ltd.

Simultaneously, Moody’s upgraded to Baa3 from Ba1 the debentures de infraestrutura issued by Vale. The Aaa.br national scale senior unsecured ratings remain unchanged.

Moody’s also assigned to Vale a global scale Baa3 and national scale Aaa.br issuer rating and withdrew Vale’s Ba1 global scale and Aaa.br national scale corporate family rating.

The outlook is stable.

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