Fitch Upgrades Vale’s Credit Ratings to 'BBB+'

Vale S.A. announced that Fitch Ratings has upgraded its Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) from 'BBB' to 'BBB+', with a Stable Outlook. The upgrade reflects Vale's broader diversification into higher value-added products, greater operational flexibility, and rising scale, along with environmental risk mitigation that reduced litigation uncertainty. Vale's credit risk profile has strengthened within the rating category and versus peers. The company's ratings reflect its leading iron ore position, low costs, high-grade mineral deposits, long reserve life, conservative capital structure, and elevated financial flexibility. Fitch expects low leverage and solid free cash flow through iron ore price cycles, with disciplined balancing of growth opportunities and shareholder returns. The upgrade also includes the senior unsecured debt ratings of both Vale and Vale Overseas Limited from 'BBB' to 'BBB+'.