Vale S.A.: Update following upgrade to Ba2, positive outlook
CORPORATES CREDIT OPINION 21 March 2017 Update RATINGS Vale S.A. Domicile Rio de Janeiro, Brazil Long Term Rating Ba2 Type LT Corporate Family Ratings Outlook Positive Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Barbara Mattos, CFA 55-11-3043-7357
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