Monticello Insurance Limited -- Moody's rates Vale's captive Monticello Insurance Limited. Baa3 IFS; withdraws SRV's rating

New York, July 31, 2014 -- Moody's Investors Service has assigned a Baa3 insurance financial strength (IFS) rating to Monticello Insurance Limited (Monticello, or MIL), the captive reinsurance subsidiary of Brazil-based Vale S.A. (senior unsecured debt rating of Baa2, positive outlook), one of the largest metals and mining companies in the world. The outlook for the rating is stable. Concurrently, Moody's has withdrawn the Baa3 IFS rating of SRV Reinsurance Company S.A. (SRV), formerly another captive reinsurer of Vale, due to the reorganization of the company. In February 2014, SRV completed a novation process to transfer its existing risk portfolio, assets and liabilities to Monticello.

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