S&P assigns BBB- to Vale notes

S&P said it assigned its BBB- issue-level rating to Vale Overseas Ltd.'s planned senior unsecured notes due 2033.

The parent company, Vale SA, will use the proceeds for an exchange offer for any of its 2026 notes and afterward its 2039, 2036, 2034 and 2042 notes, in this order, and for general corporate purposes. Vale, rated BBB-, will guarantee the notes.

The outlook is stable.

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