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13.05.2015 02:02:00

Vale S.A. -- Moody's changes Vale's outlook to negative; affirms all ratings

New York, May 12, 2015 -- Moody's Investors Service changed the rating outlook for Vale S.A. (Vale) and related ratings to negative from stable. At the same time, Moody's affirmed Vale's Baa2 senior unsecured rating, its (P)Baa2 senior unsecured rating under its well-known seasoned issuer shelf registration, and the Baa2 ratings on the foreign currency debt issues of Vale Overseas (guaranteed by Vale) as well as Vale Overseas' (P)Baa2 senior unsecured shelf rating. Moody's also affirmed the Baa2 senior unsecured ratings of Vale Canada (not guaranteed by Vale).

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