Vale SA had its credit rating lowered three levels to junk status by Moody’s on prospects that iron ore and base metal prices won’t recover meaningfully before 2017.
Moody’s cut Vale ratings to Ba3 from Baa3, while withdrawing its issuer rating and assigning a Ba3 corporate family rating. The outlook is negative.
The action comes a day after the Rio de Janeiro-based company vowed to step up efforts to cut net debt, which rose to $25 billion at the end of last year, as a slowdown in Chinese growth collides with rising supply to push down commodity prices.
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