DBRS Finalizes BBB (high) Rating with Stable Trend on $1.25 Billion Vale Overseas New Notes

DBRS has today finalized the BBB (high) rating, with a Stable trend, assigned to the $1.250 billion 4.375% senior unsecured notes due January 11, 2022 (the Guaranteed Notes) to be issued by Vale Overseas Limited (Vale Overseas) and unconditionally guaranteed by Vale S.A. (Vale or the Company) following the pricing of the Guaranteed Notes and the filing, on March 30, 2012, of a final prospectus supplement to the Vale Overseas prospectus dated November 3, 2009. The new Guaranteed Notes were issued as a re-opening of a previous issue of 4.375% senior unsecured notes due January 11, 2022, rated by DBRS at BBB (high) with Stable trend.

The offering of the Guaranteed Notes is expected to close on or about April 4, 2012, subject to customary closing conditions. Vale is expected to use the net proceeds from the sale of the Guaranteed Notes for general corporate purposes.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The applicable methodology is Rating Companies in the Mining Industry, which can be found on our website under Methodologies.