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  • hummingbirdair hummingbirdair Jan 13, 2005 5:39 PM Flag

    Russ/Stephan..O/T..RIO

    Jan 13, 2005 (ODJ Select via COMTEX) -- DJ PRESS RELEASE: Moody's Ups Companhia
    Vale Do Rio Doce Outlook To Pos

    The following is a press release from Moody's Investors Service:

    New York, January 13, 2005 -- Moody's Investors Service changed the rating
    outlook to positive from stable for the Ba1 foreign currency bond ratings of
    CVRD and its wholly owned subsidiary Vale Overseas Ltd, guaranteed by CVRD. The
    outlook changes were prompted by the positive outlook that Moody's placed on
    Brazil's B1 long-term foreign currency ceiling for bonds and notes. The Baa2
    global local currency rating outlook and Aaa.br national scale rating outlook of
    CVRD were not affected by these outlook changes

    CVRD is the largest iron ore producer globally with important market positions
    in logistics, alumina and aluminum, and other minerals and metals. Headquartered
    in Rio de Janeiro, Brazil, CVRD had net operating revenues of US$5.3 billion in
    2003.

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