Research Update: Vale S.A. Upgraded To 'A-' From 'BBB+' On Solid Performance And Commitment To Prudent Policies, Outlook Stable Nov 11
Standard & Poors, November 2011
Abstract
Vale has demonstrated both a commitment to financial prudence and a level of flexibility that enables it to adapt to the more difficult global environment. There has been a reduction in overall risk related to business environment in Brazil and sovereign influence on Vale's activities. We have raised the rating on Vale S.A. and its subsidiary Vale Canada Ltd. to 'A-' from 'BBB+'. The stable outlook reflects our expectations that Vale will maintain strong liquidity and credit metrics, as well as disciplined capex and earnings distribution. On Nov. 23, 2011, Standard & Poor's Ratings Services raised its global scale rating on Brazil-based global mining company Vale S.A. and its subsidiary Vale Canada Ltd. to 'A-' from 'BBB+', and affirmed its...
Companies mentioned in this report are: Vale S.A.,Vale Canada Ltd.,PT Vale Indonesia Tbk,Vale Overseas Ltd.
Action: Affirmed
Action: Upgraded
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
Vale S.A.,Vale Canada Ltd.,PT Vale Indonesia Tbk,Vale Overseas Ltd.
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