Moody's gives Baa3 to Vale notes

Moody's Investors Service said it assigned a Baa3 rating to the planned senior unsecured notes due 2033 to be issued by Vale Overseas Ltd. and guaranteed by Vale SA.

Vale’s other ratings are unchanged, the agency said.

The proceeds will be used primarily for liability management and general corporate purposes. Vale announced a tender offer for some of its bonds outstanding. The principal amount of the notes subject to the tender offer totals $4.6 billion.

The outlook is stable.

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