Fitch reviews Vale

Fitch Ratings said it placed Vale SA's credit ratings on Rating Watch Negative.

The Negative Watch reflects Fitch's view of an increased likelihood that Vale will support Samarco Mineracao SA (BB-/Rating Watch Evolving), directly or indirectly, following the tailings dam accident in Minas Gerais, Brazil on Nov. 5.

Samarco is a stand-alone legal entity. However, there is a high level of uncertainty surrounding the various implications for Vale's credit profile related to possibly supporting its joint venture with BHP Billiton plc/Ltd. (long-term issuer default rating A+/negative) if required.

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