Sao Paulo, December 10, 2015 -- Moody's América Latina ("Moody's") downgraded to Baa3 from Baa2 the global scale rating and to Aa1.br from Aaa.br the national scale rating (NSR), and the ratings assigned to the senior unsecured notes (Debentures de Infraestrutura) issued by Vale S.A. The outlook remains negative.
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