S&P lowers Vale ratings
Standard & Poor's has lowered its ratings on Brazilian iron ore giant Vale to 'BBB+' from 'A-', with a stable outlook.
The downgrade reflects the agency's expectations that Vale's financial risk profile will weaken in the coming two years, a press release from S&P said.
S&P also took into account the revision of its iron ore price assumptions to US$65/t in 2015-16 and to US$70/t in 2017.
The agency said that lower freight and production costs will help Vale to compensate for the steep price decline, as the fuel cost to transport ore dropped 40% while the Brazilian real depreciated 15% in the past six months.
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