- Vale's (NYSE:VALE) credit rating is downgraded by Standard & Poor’s for the first time in more than eight years, as market fundamentals for iron ore continue to weaken and erode Vale's operating cash flow generation as the company's capital expenses remain high.
- The downgrade follows S&P's revision of iron ore price assumptions to $65/ton in 2015 and 2016 and to $70/ton in 2017.
- S&P reduces its rating to BBB+, the third-lowest investment grade, from A-.