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Bond Market News
Vale Upgraded to BBB+ from BBB by Fitch
October 24, 2025
Vale was upgraded to BBB+ from BBB with a stable outlook. The rating action highlighted Vale’s progress in broader diversification into higher value-added products, greater operational flexibility, and increasing scale within the global mining industry. Another factor supporting the upgrade was Vale’s significant progress in environmental risk mitigation, particularly the decharacterization of 60% of its 30 upstream dams. This has helped reduce litigation uncertainty related to remediation payments for past dam incidents. Fitch also recognized Vale’s market position as one of the world’s largest seaborne iron ore miners. Fitch forecasts Vale to maintain a robust financial profile, projecting average annual EBITDA of over $13bn and expects net leverage to remain low. However, it did note that further upside is likely to be limited in the medium term due to geographical concentration.
Vale’s dollar bonds were trading with a positive bias – its 3.75% 2030s were up 0.7 points to trade at 96.44, yielding 4.60%.
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