Otmane El Rhazi : Vale debt rating cut 2nd time this year on iron-ore price drop

Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.

Brazilian mining company Vale was downgraded late on Thursday by the Standard & Poor's credit-rating agency over concern that a drop in iron ore prices will erode revenue at the world's largest producer of the main steel-making ingredient. New York-based S&P reduced the company's rating to "BBB," the second-lowest investment grade level, from "BBB+." S&P had cut the company's rating to BBB+ in January.