Moody's cuts Vale to junk

Moody's cuts Vale to junk

Bonds Debt Capital Markets Corporate & Sovereign Strategy Fixed Income Brazil

Moody's has downgraded Vale to junk status as a response to the collapse of the tailings dam at the Córrego do Feijão mine in the state of Minas Gerais. Moody's put Vale's ratings under review after the dam collapsed on January 25 and killed at least 179 people with 131 people still missing. The disaster came three years after a tailings dam maintained by Samarco, a joint venture between Vale and BHP, collapsed and killed 19 people. Moody's has now cut Vale's ratings to Ba1 with a negative outlo

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