New York, February 26, 2016 -- Moody's Investors Service downgraded the rating for Vale S.A. ("Vale") and related ratings to Ba3 from Baa3, including Vale's senior unsecured rating and the ratings on the foreign currency debt issues of Vale Overseas Limited (guaranteed by Vale). Moody's also downgraded to B2 from Baa3 the senior unsecured ratings of Vale Canada Ltd. (not guaranteed by Vale). The outlook is negative. These rating actions conclude the review initiated on January 21, 2016.

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