Fitch bumps Vale up a notch

Fitch bumps Vale up a notch

Brazil Corporate & Sovereign Strategy

Fitch Ratings has upgraded Vale to BBB+ from BBB, saying the miner was not constrained by the sovereign's country ceiling of BB+. The metals and mining company's Canadian operations generate sufficient EBITDA to cover hard currency interest expenses by more than 1x, Fitch said in a report. Vale is, however, now constrained by its AAA local currency issuer default rating, which reflects its underlying credit quality.Vale's outlook was also revised to stable from negative because of the delin

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