Fitch lowers Vale's note; US Lawyers Will Investigate Mining By Investing.com

Investing.com – Fitch rating agency downgraded Vale's credit rating from BBB + to BBB- Monday (28) after the Brumadinho tragedy (MG) last Friday. In a note, Fitch indicates that the new clbadification is due to the prediction of the high costs that the miner will incur with dam failure, since the value of the fines will be considerable, as the company is a repeat offender in this type of event. A little over 3 years ago, the dam broke out in Mariana (MG) of Samarco, a mining company in which Vale holds a 50% stake. The company's shares also fell 24.52 percent to R $ 42.38 on Monday, losing nearly R $ 73.38 per share, trillion dollars in market value. The negotiated volume of the role of the minor amounted to 8.15 billion rubles, the highest level since the beginning of Vale on the stock market of São Paulo.

S & P

S & P, another rating agency, has announced that it has placed Vale's credit rating under observation, including ratings on a global basis. (BBB-) and the Brazilian National Scale (brAAA), both of which have negative implications. Bronstein's office, Gewirtz & Grossman, said it would open a collective private investigation against Vale following the disaster. from Brumadinho, meeting the shareholders of the mining company who had felt hurt by the episode and wanted to open a lawsuit against the company. The minor's ADR lost 8.08% on Friday (crash day) and 18.01% today. The investigation will verify that Vale and its administrators have violated US federal laws during the episode.