New York, November 28, 2013 -- Moody's Investors Service commented that Vale S.A'sNovember 27, 2013 press release on its participation in a federal tax settlement (REFIS) concerning the legal proceedings and dispute on Brazilian corporate income tax and other payments on foreign subsidiaries net income, covering the period from 2003 to 2012, is credit positive in that it crystallizes the amounts to be paid and resolves a material event risk for the company. The payments, roughly R$ 6 billion ($2.7 billion) at settlement date, expected by the end of November 2013, and R$ 16.4 billion ($7.6 billion in installments over 15 years), can comfortably be accommodated within Vale's current cash and liquidity profile and expected future cash flow generation and will not require incremental debt of any meaningful amount.

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