Moody's Affirms Vale's Baa2 Rating
Ticker: VALE · Form: 6-K · Filed: Nov 20, 2025 · CIK: 917851
| Field | Detail |
|---|---|
| Company | Vale S.A. (VALE) |
| Form Type | 6-K |
| Filed Date | Nov 20, 2025 |
| Risk Level | low |
| Pages | 15 |
| Reading Time | 19 min |
| Key Dollar Amounts | $750 million, $6.1 billion, $5.0 billion, $100, $90 |
| Sentiment | bullish |
Sentiment: bullish
Topics: credit-rating, financial-health, mining
TL;DR
Moody's gives Vale a thumbs up, keeping its Baa2 rating.
AI Summary
On November 19, 2025, Moody's Investor Service affirmed Vale S.A.'s Baa2 rating. This rating is a significant indicator of the company's creditworthiness and financial stability.
Why It Matters
A strong credit rating from Moody's can lead to lower borrowing costs for Vale and signals financial health to investors.
Risk Assessment
Risk Level: low — The filing is a routine credit rating affirmation, which is generally positive and does not introduce new risks.
Key Numbers
- Baa2 — Credit Rating (Moody's rating for Vale S.A.)
Key Players & Entities
- Vale S.A. (company) — Company being rated
- Moody's Investor Service (company) — Rating agency
- Baa2 (rating) — Credit rating assigned
- November 19, 2025 (date) — Date of the rating affirmation
FAQ
What is the significance of Moody's Baa2 rating for Vale S.A.?
The Baa2 rating from Moody's indicates a good credit quality and a moderate level of risk, suggesting that Vale is financially stable and capable of meeting its debt obligations.
When was Vale S.A.'s rating affirmed by Moody's?
Moody's affirmed Vale S.A.'s Baa2 rating on November 19, 2025.
What type of filing is this report from Vale S.A.?
This is a Form 6-K report, which is a report of a foreign private issuer pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934.
What is Vale S.A.'s principal executive office address?
Vale S.A.'s principal executive office is located at Praia de Botafogo nº 186, 18º andar, Botafogo 22250-145 Rio de Janeiro, RJ, Brazil.
Has Vale S.A. changed its name in the past?
Yes, Vale S.A. was formerly known as Companhia Vale do Rio Doce, which changed its name on November 8, 2005. Prior to that, it was known as VALLEY OF THE RIO DOCE CO (changed January 29, 2002) and VALLEY OF THE DOCE RIVER CO (changed June 2, 1995).
Filing Stats: 4,647 words · 19 min read · ~15 pages · Grade level 8.8 · Accepted 2025-11-19 18:49:31
Key Financial Figures
- $750 million — look, and assigned a Baa3 rating to the $750 million in hybrid notes issued to replenish par
- $6.1 billion — e has excellent liquidity, supported by $6.1 billion in cash and $5.0 billion available unde
- $5.0 billion — , supported by $6.1 billion in cash and $5.0 billion available under its revolving credit fa
- $100 — e Projections assume iron ore prices at $100/ton in 2025F, $90/ton in 2026F and $85/
- $90 — e iron ore prices at $100/ton in 2025F, $90/ton in 2026F and $85/ton in 2027F. Sour
- $85 — $100/ton in 2025F, $90/ton in 2026F and $85/ton in 2027F. Source: Moody's Ratings 1
- $37.5 billion — Vale reported net operating revenue of $37.5 billion. 3 19 November 2025 Vale S.A.: Update f
- $21.8 — e cost increase. C11 cash costs totaled $21.8 per ton (excluding third-party purchase
- $19.6 — third-party purchases) in 2024, up from $19.6 per ton in 2022, but lower than the $22
- $22.3 — 9.6 per ton in 2022, but lower than the $22.3 per ton in 2023. This increase is expla
- $20.0 — of 2025, C1 cash costs declined toward $20.0 per ton, in line with the company's gui
- $20.5 — s guidance that C1 costs will be in the $20.5-$22.0 per ton range in 2025. Vale expec
- $22.0 — ance that C1 costs will be in the $20.5-$22.0 per ton range in 2025. Vale expects C1
- $20 — expects C1 cash costs to decline below $20 per ton in 2026 and beyond, in line wit
- $1,000 — per all-in cost guidance was revised to $1,000-$1,500 per ton and nickel all-in cost w
Filing Documents
- vale20251119_6k.htm (6-K) — 71KB
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- 0001292814-25-004048.txt ( ) — 2421KB
From the Filing
United States Securities and Exchange Commission Washington, D.C. 20549 FORM 6-K Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of November 2025 Vale S.A. Praia de Botafogo nº 186, 18º andar, Botafogo 22250-145 Rio de Janeiro, RJ, Brazil (Address of principal executive office) (Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.) (Check One) Form 20-F Form 40-F Moody’s affirms Vale’s Baa2 rating Rio de Janeiro, November 19, 2025 – Vale S.A. (“Vale” or the “Company”) informs that, in a report released today, Moody’s Investor Service (“Moody’s”), as part of its periodic review of the Company’s rating, has reaffirmed Vale’s rating at Baa2 with a stable outlook. The report is available in English on Moody’s website and attached to this communication. A free translation into Portuguese will be disclosed to the market shortly. Marcelo Feriozzi Bacci Executive Vice President, Finance and Investor Relations For further information, please contact: Vale.RI@vale.com Thiago Lofiego: thiago.lofiego@vale.com Mariana Rocha: mariana.rocha@vale.com Luciana Oliveti: luciana.oliveti@vale.com Pedro Terra: pedro.terra@vale.com Patricia Tinoco: patricia.tinoco@vale.com This press release may include statements that present Vale’s expectations about future events or results. All statements, when based upon expectations about the future, involve various risks and uncertainties. Vale cannot guarantee that such statements will prove correct. These risks and uncertainties include factors related to the following: (a) the countries where we operate, especially Brazil and Canada; (b) the global economy; (c) the capital markets; (d) the mining and metals prices and their dependence on global industrial production, which is cyclical by nature; and (e) global competition in the markets in which Vale operates. To obtain further information on factors that may lead to results different from those forecast by Vale, please consult the reports Vale files with the U.S. Securities and Exchange Commission (SEC), the Brazilian Comissão de Valores Mobiliários (CVM) and in particular the factors discussed under “Forward-Looking Statements” and “Risk Factors” in Vale’s annual report on Form 20-F. Corporates CREDIT OPINION 19 November 2025 Update RATINGS Vale S.A. Domicile Rio de Janeiro, Brazil Long Term Rating Baa2 Type LT Issuer Rating - Dom Curr Outlook Stable Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Barbara Mattos, CFA +55.11.3043.7357 Senior Vice President barbara.mattos@moodys.com Marcos Schmidt +55.11.3043.7310 Associate Managing Director marcos.schmidt@moodys.com CLIENT SERVICES Americas 1-212-553-1653 Asia Pacific 852-3551-3077 Japan 81-3-5408-4100 EMEA 44-20-7772-5454 Vale S.A. Update following affirmation of Baa2 rating Summary On November 17, we affirmed Vale S.A.'s Baa2 ratings and stable outlook, and assigned a Baa3 rating to the $750 million in hybrid notes issued to replenish part of Vale's cash used to fund the tender offer for the “debentures participativas”, which closed on October 31, 2025. Vale's Baa2 ratings continues to reflect the company’s solid credit profile, supported by its market position as one of the largest mining companies globally, with a dominant market share in iron ore and nickel, and increasing position in copper. The rating is further supported by Vale's relatively low cost position and strong balance sheet, with leverage below 1.5x (total debt/EBITDA) since 2020. Moreover, Vale has excellent liquidity, supported by $6.1 billion in cash and $5.0 billion available under its revolving credit facility agreements as of the end of September 2025. The rating is constrained by the sovereign rating of the Government of Brazil (Ba1 stable) as a result of Vale's asset concentration in Brazil (about 75% of total fixed assets), mostly in iron ore. Given the significant reliance on cash flow from iron ore assets located in Brazil, we are unlikely to widen the rating differential to the Government of Brazil's rating. Exhibit 1 Credit metrics remain adequate within the Baa rating level Adjusted leverage (total debt/EBITDA) Exhibit 2 Interest coverage Adjusted interest coverage [(EBITDA - Capex)/ Interest Expense] 1.0x 0.5x 0.6x 0.9x 1.1x 1.3x 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x 2020 2021 2022 2023 2024 LTM Sep-25 2025E 2026E 2027E Base Case Baa range Projections assume iron ore prices at $100/ton in 2025F, $90/ton in 2026F and $85/ton in 2027F. Source: Moody's Ratings 13.4x 31.1x 16.8x 8.7x 7.5x 7.3x 0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x 35.0x 2020 2021 2022 2023 2024 LTM Sep-25 2025