Moody's upgrades Vale

Moody's upgrades Vale

Brazil Bonds Corporate & Sovereign Strategy

Moody's has upgraded the credit ratings for Vale to Ba1 from Ba2 with a stable outlook, saying the Brazilian mining company has lower debt and sound liquidity.The rating agency also lifted Vale's local ratings to Aaa.br from Aa2.br."The company will continue to benefit from increased operating efficiency and rising production levels... as well as lower capital spending needs and reduced dividend payments compared to prior years," Moody's said in a report.Vale reduced debt by $1.5bn in the first

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