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.