Moody´s Upgrades Vale

Companhia Vale do Rio Doce, the world’s largest iron-ore exporter, became the first Brazilian company to get an investment-grade rating as Moody’s boosted its rating one level to Baa3. Moody’s said in a statement that Vale has a “solid position” in domestic and international iron ore markets and “continued strong cash flow generation capability.” Vale´s rating is four levels above the Brazilian government´s rating of B1.